Shimao receivers sell two Hong Kong hotels for US$344M to ParkCity-linked buyer

Receivers for distressed developer Shimao Group have agreed to sell the Sheraton Hong Kong Tung Chung and Four Points by Sheraton complex for HK$2.7 billion to Oceanfront Hong Kong Limited, linked to ParkCity Group. The sale marks a significant asset disposal in Shimao's ongoing debt restructuring, reflecting continued stress in China's property sector. The transaction's completion and use of proceeds remain subject to regulatory approvals.

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