Receivers to sell mainland developer Shimao’s 2 Hong Kong hotels for US$344 million
Por Cheryl Arcibal,Peggy Ye — South China Morning Post – News feed
Advertisement Hong Kong property Business Receivers to sell mainland developer Shimao’s 2 Hong Kong hotels for US$344 million
1,219-room complex on Lantau Island was seized by receivers after Shimao failed to sell it for about US$570 million in late 2024
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Cheryl Arcibal and Peggy Ye Published: 9:38am, 22 Oct 2026 Updated: 10:56am, 22 Oct 2026
Receivers of the Sheraton Hong Kong Tung Chung Hotel and the Four Points by Sheraton have agreed to sell the dual-branded complex, which together comprise the city’s third-largest hotel by room count, for HK$2.7 billion (US$344 million), Shimao Group announced on Thursday.
In a filing to the Hong Kong stock exchange, the distressed mainland Chinese developer said the buyer was Oceanfront Hong Kong Limited.
The complex was seized by receivers after Shimao failed to sell it despite slashing the asking price to about HK$4.5 billion in late 2024 – down from at least HK$6 billion a year earlier.
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