Receivers for a Shimao Group subsidiary have agreed to sell two hotels in Tung Chung, near Hong Kong International Airport, to Oceanfront Hong Kong Limited for HK$2.7bn, Shimao said in a Hong Kong stock exchange filing on 22 October 2026.
Why Oceanfront Hong Kong Limited (owned by investment vehicles associated with ParkCity Group) is buying Shimao's two Tung Chung hotels (Sheraton Hong Kong Tung Chung and Four Points by Sheraton) and hotel business, sold by receivers
The sale follows the receivers' takeover of the hotels in June 2026 and a formal sales process; Shimao said the tender closed on 31 August and the bidding was highly competitive. The buyer is owned by, among others, investment vehicles associated with ParkCity Group.
Deal terms and financing
Brand Rise Limited, acting through its receivers, signed two inter-conditional sale and purchase agreements on 20 October 2026 covering the hotels and the hotel business. The consideration of HK$2.7bn is subject to adjustment, and net proceeds will be applied to the syndicated loan secured by the debenture and mortgage, so Shimao does not expect any net cash from the disposal.
Regulatory approvals and timing
Completion is expected by the end of 2026. Because the disposal is being carried out by receivers exercising a power of sale, Shimao said it is not a transaction of the company under Chapter 14 of the Listing Rules.
Market context
The hotels are a specified offshore asset under Shimao's 2025 offshore debt restructuring. The Edge, citing the South China Morning Post, reported that the price was well below the property's valuation.
