Shimao slashes Hong Kong Sheraton hotel price by 25% to speed up restructuring

Quick Summary:

Mainland Chinese developer is asking HK$4.5 billion (US$579 million) for the asset, down from HK$6 billion in March 2023, according to a source.

High interest rates and a weakening economy in China have spurred fire sales on some Hong Kong properties.At least HK$2.1 trillion has been erased from real estate values in the city since 2019, according to an analysis by Bloomberg Intelligence in June.

Shimao did not offer a comment when contacted by Bloomberg News.

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Article Details

Author / Journalist: Bloomberg

Category: Business

Markets: Hong KongChina

Topics: Mainland Property Hk$4 Asking Hong Shimao Developer According Hotel Chinese Price

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-24 @ 13:47:39 (1 days ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 242 words

Reading Time: 2 minutes read

Sentences: 10 lines

Sentence Length: 25 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 24624458

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