Shares of cash-strapped Shimao Group rose on Monday after the Chinese developer and its chairman sold a Shanghai hotel and a stake in a Hong Kong development, respectively, for a total of $836 million, in their latest efforts to raise funds.
The logo of property developer Shimao Group is seen on the facade of Shimao Tower in Shanghai, China January 13, 2022. REUTERS/Aly Songrose on Monday after the Chinese developer and its chairman sold a Shanghai hotel and a stake in a Hong Kong development, respectively, for a total of $836 million, in their latest efforts to raise funds.
The disposals come after Shimao put up its assets worth 77 billion yuan for sale to raise cash to repay its debts, offloading two other assets in the past two weeks for 3 billion yuan. The Shanghai-based developer said late on Friday it sold Hyatt on the Bund to state-owned Shanghai Land Co for 4.5 billion yuan.Its chairman Hui Wing Mau also sold his 40% stake in a Hong Kong high-end residential development to Hong Kong investors CSI Properties
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