The HK$2.7 billion (US$344 million) sale of two Shimao Group hotels in Hong Kong leaves an estimated HK$1.8 billion shortfall against their secured loans.
Still, receivers managed to squeeze out improved bids in the final stages, with all shortlisted parties improving their offers, said Una Ge, a managing director at AlixPartners who oversaw the sale as a joint receiver.
The deal offers a glimpse into how mainland China’s developer debt crisis is reshaping Hong Kong’s restructuring industry, bringing vastly larger debt burdens, cross-border contagion risks, and increasingly complex creditor syndicates.