This article only represents the author's own views.
The Sheraton Hong Kong Tung Chung Hotel and Four Points by Sheraton was a crowning jewel for Shimao Group Holdings Ltd. (0813.HK) at its opening in 2020, showcasing the developer’s move beyond the Mainland China property market. Boasting over 1,200 rooms, the property overnight became the second-largest hotel in Hong Kong by room count.
Fast forward six years, when new reports say that Shimao, caught up in China’s prolonged property slump, has defaulted on a HK$4.5 billion ($5.77 million) bank loan. And a consortium of lenders behind that loan — including HSBC, BOCHK and Bank of East Asia — has reportedly entered discussions to seize the trophy Hong Kong property.
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