Chinese property developer Shimao Group said it entered into a definitive agreement to restructure the existing project loan facilities of the two Tung Chung hotels with the project lenders last month.
The developer said Sheraton Hong Kong Tung Chung Hotel and Four Points by Sheraton Hong Kong Tung Chung may become part of an asset package – as supplemental credit enhancement for the proposed restructuring of the offshore debt by Shimao.
For the first five months of this year, Shimao said it recorded a total contract sales of 23.86 billion yuan and an aggregate contracted sold area of 1.58 million square meters.