Key facts
- Creditors are pushing to sell two Hong Kong hotels.
- The hotels are the Sheraton Hong Kong Tung Chung Hotel and Four Points by Sheraton.
- The dual-branded complex has a total of 1,219 rooms.
- The property was seized from developer Shimao Group.
- Shimao Group failed to sell the property despite price reductions.
- Receivers and agents are confident of selling the hotel complex.
Creditors are actively pursuing the sale of a dual-branded hotel complex in Hong Kong, comprising the Sheraton Hong Kong Tung Chung Hotel and Four Points by Sheraton. The combined property features 1,219 rooms and was seized from its developer, Shimao Group, after the company was unable to sell it. Despite significant price reductions, Shimao Group failed to find a buyer, leading to the seizure. Receivers and agents involved in the sale are reportedly confident that the property will be sold. The push for sale by creditors is part of a broader effort by banks to cut losses amidst financial pressures on developers.