Debt-laden mainland developer Shimao sells its 2 Hong Kong hotels for US$344 million

Receivers of the Sheraton Hong Kong Tung Chung Hotel and the Four Points by Sheraton have sold the dual-branded complex, which together comprise the city’s third-largest hotel by room count, for HK$2.7 billion (US$344 million), Shimao Group announced on Thursday. In a filing to the Hong Kong stock exchange, the distressed mainland Chinese developer said the buyer was Oceanfront Hong Kong Limited. Oceanfront is owned by, among others, investment vehicles associated with ParkCity Group, a...