Shimao founder puts Hong Kong office floors up for sale
January 18, 2022
HONG KONG (BLOOMBERG) – Shimao Group Holdings chairman Hui Wing Mau has put two office floors in Hong Kong up for sale, as the embattled Chinese developer contends with an industry-wide cash crunch.
The space in The Center tower in Central is being marketed to potential buyers for about HK$1.5 billion (S$259 million), according to sales material seen by Bloomberg. The two floors are owned by companies that list Mr Hui and his daughter Hui Mei Mei as directors, land records show.
Shimao did not immediately respond to requests for comment.
Once considered among the safer Chinese developers, Shimao has seen its bond prices and credit ratings decline in recent weeks as concerns mount over its financial health. Shimao may be forced to sell some Hong Kong projects at a loss to ease its liquidity woes, Bloomberg Intelligence said earlier this month.
Mr Hui pledged one of the floors in The Center to DBS Bank’s Hong Kong branch in October, according to land records. As part of a consortium, Mr Hui purchased a total of nine floors in the office tower from CK Asset Holdings in 2018.
Mr Hui’s personal wealth has dropped to about US$4.3 billion from as much as US$13 billion in August 2020, according to the Bloomberg Billionaires Index. Shimao shares have tumbled about 79 per cent in the past year.