According to the Hong Kong Stock Exchange announcement, Shimao Group will sell related hotels and hotel business to Oceanfront Hong Kong at a price of HK$2.7 billion. The transaction is expected to be completed before the end of 2026. The receiver informed Shimao that Shimao's indirect wholly-owned subsidiary Mingyang signed two mutually conditional sales agreements with Oceanfront on October 20. The net proceeds from the sale will be used to partially repay outstanding debts under the syndicated loan agreement of July 27, 2020. Note: Shimao said in June that the receiver had taken over the Shimao Sheraton Hotel in Tung Chung, Hong Kong, and the Four Points by Sheraton Tung Chung, Hong Kong.
Zhitongcaijing · 1d ago
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According to the Hong Kong Stock Exchange announcement, Shimao Group will sell related hotels and hotel business to Oceanfront Hong Kong at a price of HK$2.7 billion. The transaction is expected to be completed before the end of 2026. The receiver informed Shimao that Shimao's indirect wholly-owned subsidiary Mingyang signed two mutually conditional sales agreements with Oceanfront on October 20. The net proceeds from the sale will be used to partially repay outstanding debts under the syndicated loan agreement of July 27, 2020. Note: Shimao said in June that the receiver had taken over the Shimao Sheraton Hotel in Tung Chung, Hong Kong, and the Four Points by Sheraton Tung Chung, Hong Kong.
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