Shimao Group to sell its Hong Kong hotel to Oceanfront for HK$2.7 billion

According to a Hong Kong Stock Exchange announcement, Shimao Group will sell the relevant hotel and hotel business to Oceanfront Hong Kong for HK$2.7 billion, with the transaction expected to be completed by the end of 2026. The receivers informed Shimao that Mingyang, an indirectly wholly-owned subsidiary of Shimao, signed two conditional sale and purchase agreements with Oceanfront on October 20. The net proceeds from the sale will be used to partially repay the outstanding debt under the syndicated loan agreement dated July 27, 2020. Note: Shimao said in June that the receivers had taken over the Sheraton Hong Kong Tung Chung Hotel and Four Points by Sheraton Hong Kong Tung Chung.