Published 2 years ago

China's Shimao sells Shanghai hotel for $708 mln to state-owned firm

Summary by Ground News

Shimao Group will sell a hotel in Shanghai to state-owned Shanghai Land Group. Deal is part of Chinese government's push to buy assets from cash-strapped private developers. Beijing steps up efforts to stabilise and tighten control over a beleaguered sector.

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Reuters

China's Shimao sells Shanghai hotel for $708 mln to state-owned firm

- Chinese property developer Shimao Group said on Friday it would sell a hotel in Shanghai to state-owned Shanghai Land Group for 4.5 billion yuan ($707.83 million), as it seeks to reduce its debt amid a crisis in the country's property sector. The deal is part of the Chinese government's push to buy assets from cash-strapped private developers, as Beijing steps up efforts to stabilise

2 years ago·United Kingdom

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Seeking Alpha

Shimao Group to sell hotel to state-owned Shanghai Land Group for $708M

In an effort to reduce debt amid an evolving real estate crises, struggling Chinese property developer Shimao Group (SIOPF) (SHMAY) considered to sell a Shanghai-based hotel to...

2 years ago·United States

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