Shimao Group (00813): takeover of hotel assets and officially initiate the sale process

Wisdom Financial News App News, Shimao Group (00813) announced that a wholly-owned indirect subsidiary of the company is a party to several project loans, with the mortgage and collateral of properties, including the now-named Sheraton Hong Kong Tung Chung and Four Points by Sheraton Hong Kong Tung Chung (collectively, the "Hotels"), as security. The board hereby notifies the company's shareholders that AlixPartners Hong Kong, Limited and its affiliates, Ms. Grace Cochrane and Mr. Patrick Bance (administrators), have been formally appointed as joint and several administrators and managers of the Hotels by the secured agents (for the benefit of the creditors), effective from June 1, 2026. This appointment is made pursuant to the debt securities and mortgage agreement entered into between the group's relevant subsidiaries (as mortgagors) and the secured agents, which guarantees the syndicated loan agreement signed on July 27, 2020 (and amended and restated by a supplemental agreement dated June 28, 2023).