Shimao Cuts Asking Price for Hong Kong’s Second-Largest Hotel

-- Defaulted Chinese developer Shimao Group Holdings Ltd. has slashed the asking price for a Sheraton-branded hotel property near Hong Kong’s airport by a quarter, according to a person familiar with the matter. Shimao, once one of China’s biggest developers, is looking to sell the 18-story property in Tung Chung for at least HK$4.5 billion, the person said, asking not to be identified discussing a private matter. The property, with more than 1,200 rooms, is the second-largest hotel complex in the city by room inventory, according to real estate agent Jones Lang LaSalle Inc. Shimao didn’t offer a comment when contacted by Bloomberg News. The hotel property may form part of an asset package as a supplemental credit enhancement for Shimao’s broader debt restructuring plan, according to a filing to the Hong Kong stock exchange.