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How Shimao’s sale of 2 hotels reveals the growing complexity of Hong Kong debt workouts
How Shimao’s sale of 2 hotels reveals the growing complexity of Hong Kong debt workouts
The HK$2.7 billion (US$344 million) sale of two Shimao Group hotels in Hong Kong leaves an estimated HK$1.8 billion shortfall against their secured loans. Still, receivers managed to squeeze out improved bids in the final stages, with all shortlisted parties improving their offers, said Una Ge, a managing director at AlixPartners who oversaw the sale as a joint receiver. The deal offers a glimpse…