SHIMAO GROUP (00813.HK): sells hotel for HK$ 2.7 billion
- Net proceeds will partly repay debt under a 27 July 2020 syndicated loan facility, as amended and restated on 28 June 2023, secured by a debenture and mortgage.
- The hotel is a designated offshore asset under the overseas restructuring, so the sale is an offshore trigger event, and no net cash is expected in the designated account.
NewTimeSpace News: On 21 October 2026, Shimao Group Holdings Limited (stock code: 00813) updated on the hotel sale. Receivers took over the hotel and began a formal sale process under a 24 June 2026 announcement; the tender ran from June and closed on 31 August 2026 amid intense bidding, with the price set after arm's length talks.
On 20 October 2026, Ming Yang Limited, a unit acting through the receivers, signed two inter-conditional deals with Oceanfront Hong Kong Limited for the hotel and business at HK$ 2.7 billion, subject to adjustment, closing by end-2026. Net proceeds will partly repay debt under a 27 July 2020 syndicated loan facility amended and restated in June 2023. The hotel is a designated offshore asset under the 21 July 2025 restructuring, making the sale a trigger event; as proceeds first repay secured debt, no net cash is expected in the designated account. As the receivers used their power of sale, the disposal is not a Chapter 14 transaction.
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