https://www.scmp.com/rss/215295/feed Shimao Property is a Chinese real estate group with a portfolio of residential, commercial and hotel properties. As of August 2012, it had approximately 70 projects at different stages of development in more than 34 cities, including Beijing, Shanghai and Guangzhou. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Cheryl Arcibal Cheryl Arcibal DBS Bank (Hong Kong) has agreed to pay about HK$2.62 billion (US$334 million) for six floors at The Center – once the world’s most expensive skyscraper – marking the city’s largest office transaction so far this year. The lender acquired the 32nd, 36th, 37th, 56th, 62nd and 76th floors late last month, with the deal registered on Tuesday, according to Land Registry records. The purchase adds 151,934 sq ft of gross floor area, DBS said in a statement on Wednesday. The price works out to roughly... https://www.scmp.com/business/article/3350140/dbs-hong-kong-acquires-six-floors-center-us334-million-deal?utm_source=rss_feed https://www.scmp.com/business/article/3350140/dbs-hong-kong-acquires-six-floors-center-us334-million-deal?utm_source=rss_feed Wed, 15 Apr 2026 06:50:31 +0000 Cao Li Cao Li China’s top real estate developers continue to shrink, according to industry data. The number of mainland property developers achieving annual contracted sales of at least 100 billion yuan (US$14 billion) dropped to just 10 in 2025 from a peak of 43 in 2020, research firm China Real Estate Information Corporation (CRIC) said in a report on Sunday. Among the top 10 developers, only one, China Jinmao Holdings, reported year-on-year growth in sales, according to CRIC. The ranks of developers in the... https://www.scmp.com/business/article/3338893/chinas-developers-diminish-further-amid-unending-property-downturn?utm_source=rss_feed https://www.scmp.com/business/article/3338893/chinas-developers-diminish-further-amid-unending-property-downturn?utm_source=rss_feed Tue, 06 Jan 2026 07:30:11 +0000 Zhang Shidong Zhang Shidong China Jinmao Holdings, the property development arm of state-backed Sinochem Holdings, has sold a tourism subsidiary that owns the five-star Ritz-Carlton hotel on Hainan Island for 2.26 billion yuan (US$322 million), as it pursues asset restructuring amid a prolonged downturn in mainland China’s real estate market. Shanghai Jinmao, the developer’s wholly owned unit, reached an agreement with Sanya Luanmao on Tuesday to sell its 100 per cent stake in Sanya Tourism, which solely owned the... https://www.scmp.com/business/china-business/article/3337614/china-jinmao-sells-five-star-ritz-carlton-hotel-hainans-sanya-us322-million?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3337614/china-jinmao-sells-five-star-ritz-carlton-hotel-hainans-sanya-us322-million?utm_source=rss_feed Wed, 24 Dec 2025 09:00:15 +0000 Brian Wong Brian Wong Paul Y Engineering Group, one of the largest construction firms in Hong Kong, has been ordered into liquidation. The High Court on Monday issued the winding-up orders against the 79-year-old group and its subsidiary Paul Y Management. The orders came a month after the court appointed two provisional liquidators for five of the debt-ridden group’s subsidiaries to address debt issues and formulate a restructuring plan. A government spokesman said last month that 13 public works projects, including... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3304541/debt-ridden-contractor-paul-y-ordered-liquidation-hong-kong-court?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3304541/debt-ridden-contractor-paul-y-ordered-liquidation-hong-kong-court?utm_source=rss_feed Mon, 31 Mar 2025 06:24:15 +0000 Yuke Xie Yuke Xie A key offshore financing unit of China Evergrande Group was ordered to wind up on Monday, while a court hearing for an offshore arm is slated for Tuesday, as the nation’s crisis-hit developers brace for 700 billion yuan (US$95.8 billion) of bond maturities this year. The Hong Kong High Court ordered Tianji Holding, Evergrande’s offshore subsidiary and guarantor, to be wound up, saying that the company was insolvent and needed to be liquidated “as soon as possible” to protect creditors. The... https://www.scmp.com/business/article/3299005/china-property-crisis-hong-kong-court-orders-evergrande-and-hna-units-liquidate?utm_source=rss_feed https://www.scmp.com/business/article/3299005/china-property-crisis-hong-kong-court-orders-evergrande-and-hna-units-liquidate?utm_source=rss_feed Mon, 17 Feb 2025 09:39:27 +0000 Bloomberg Bloomberg A Shimao Group Holdings lender is in talks with private credit investors in hopes of offloading a HK$10 billion (US$1.3 billion) loan due this year tied to a luxury Hong Kong residential complex that is key to the defaulted Chinese developer’s restructuring, according to people familiar with the matter. Singapore-based United Overseas Bank (UOB) has reached out to such investors in recent weeks for a deal regarding the loan, they said. The loan, taken out by Shimao in 2022, matures on September... https://www.scmp.com/business/banking-finance/article/3295961/chinese-developer-shimaos-lender-seeks-private-credit-deal-us13-billion-loan?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3295961/chinese-developer-shimaos-lender-seeks-private-credit-deal-us13-billion-loan?utm_source=rss_feed Thu, 23 Jan 2025 08:29:00 +0000 Yuke Xie Yuke Xie The founder of Shanghai-based developer Zhenro Properties Group has been placed under legal compulsory measures, as the debt-laden home builders continue to struggle through the country’s long-running property-market crisis. Zhenro’s actual controller, Ou Zongrong, is facing legal compulsory actions “due to suspected illegal activities”, the developer’s holding company said on Monday. It noted that “Ou does not currently hold any positions such as director, supervisor or senior executive at the... https://www.scmp.com/business/china-business/article/3295539/founder-chinese-developer-zhenro-faces-action-suspected-illegal-activities?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3295539/founder-chinese-developer-zhenro-faces-action-suspected-illegal-activities?utm_source=rss_feed Mon, 20 Jan 2025 22:00:13 +0000 Yulu Ao Yulu Ao There is no end in sight for the woes of indebted Chinese developers, which continue to face winding-up hearings and receive fresh liquidation petitions in Hong Kong that will decide their fate. Sunac China Holdings and Shimao Group Holdings received new liquidation petitions on Friday, while Country Garden Holdings and Times China Holdings face court hearings later this month. Meanwhile, Tianji Holding, a Hong Kong-incorporated unit of China Evergrande Group, got an eight-week reprieve after a... https://www.scmp.com/business/china-business/article/3294828/slew-indebted-chinese-developers-face-reckoning-hong-kong-courts?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3294828/slew-indebted-chinese-developers-face-reckoning-hong-kong-courts?utm_source=rss_feed Wed, 15 Jan 2025 08:00:08 +0000 Yuke Xie Yuke Xie Creditors are tightening the screws on two of China’s largest property developers, pursuing court action to retrieve money owed as the nation’s home market struggles to rebound. China Evergrande Property Services Group, the property management arm under China Evergrande, said its parent was ordered by a court in Guangzhou to repay 13.4 billion yuan (US$1.8 billion) in pledge guarantees on deposit certificates, according to a Hong Kong stock exchange filing late Friday night. Evergrande... https://www.scmp.com/property/article/3294371/creditors-pursue-court-action-against-developers-evergrande-shimao-amid-housing-slump?utm_source=rss_feed https://www.scmp.com/property/article/3294371/creditors-pursue-court-action-against-developers-evergrande-shimao-amid-housing-slump?utm_source=rss_feed Sat, 11 Jan 2025 11:51:01 +0000 Yuke Xie Yuke Xie Shanghai-based developer Shimao Group prevailed in a Hong Kong court decision to dismiss a creditor petition to liquidate the company, which will give the struggling home builder more time to restructure its US$11.5 billion in offshore debt. Shimao is currently seeking creditor approval for its latest offshore debt restructuring plan, with a hearing at the High Court of Hong Kong slated for January 16, the developer said in a stock exchange filing last week. It added that it reached an agreement... https://www.scmp.com/property/article/3289008/shimao-gets-more-time-restructure-debt-after-beating-back-liquidation-petition-court?utm_source=rss_feed https://www.scmp.com/property/article/3289008/shimao-gets-more-time-restructure-debt-after-beating-back-liquidation-petition-court?utm_source=rss_feed Mon, 02 Dec 2024 11:00:13 +0000 Yuke Xie Yuke Xie Over the past few months, several major Chinese developers have secured fresh approvals for their debt restructuring plans, with creditors accepting substantial haircuts in hopes of recovering what is left of their funds. Analysts call it a “positive signal”. Yet cash-strapped builders face relentless liquidity woes and may be forced into drastic price cuts to offload unsold properties. In other words, the three-year slump in China’s property market shows no clear signs of resolution. “Too much... https://www.scmp.com/business/article/3288745/china-property-market-faces-long-recovery-road-despite-restructuring-progress?utm_source=rss_feed https://www.scmp.com/business/article/3288745/china-property-market-faces-long-recovery-road-despite-restructuring-progress?utm_source=rss_feed Sun, 01 Dec 2024 03:00:12 +0000 Yuke Xie,Yulu Ao Yuke Xie,Yulu Ao Sales for China’s largest developers edged up in September after Beijing rolled out a programme to support the struggling property market, as China Vanke, Country Garden Holdings and Shimao Property Holdings reported month-on-month growth. But analysts said given the uncertainty surrounding the government’s plans for stimulus in the future, are the gains sustainable? Shanghai-based Shimao reported a 13.1 per cent month-on-month increase in contracted sales, which reached 2.9 billion yuan... https://www.scmp.com/property/article/3282410/top-chinese-developers-sales-slightly-september-following-beijing-support?utm_source=rss_feed https://www.scmp.com/property/article/3282410/top-chinese-developers-sales-slightly-september-following-beijing-support?utm_source=rss_feed Wed, 16 Oct 2024 00:30:07 +0000 Haining Gao Haining Gao / https://www.scmp.com/plus/article/3278333/chinas-struggling-real-estate-sector?utm_source=rss_feed https://www.scmp.com/plus/article/3278333/chinas-struggling-real-estate-sector?utm_source=rss_feed Fri, 13 Sep 2024 03:12:22 +0000 Salina Li,Yulu Ao Salina Li,Yulu Ao China’s multi-year housing market slump has continued to hurt the nation’s big developers, widening losses at Shimao Group, Kaisa Group and Fantasia Holdings while delaying their efforts to overcome a debilitating debt crisis. Sunac, which reorganised its debt recently, is facing a similar predicament. Losses at Shimao widened to 22.7 billion yuan (US$3.2 billion) in the six months to June 30 from 12 billion yuan a year earlier, the firm said in a stock exchange filing on Thursday. Kaisa’s net... https://www.scmp.com/business/article/3276450/shimaos-losses-spike-90-embattled-developer-gripped-chinas-property-downturn?utm_source=rss_feed https://www.scmp.com/business/article/3276450/shimaos-losses-spike-90-embattled-developer-gripped-chinas-property-downturn?utm_source=rss_feed Thu, 29 Aug 2024 13:00:19 +0000 Yulu Ao Yulu Ao Shimao Group Holdings has received a second reprieve in a month to restructure its debt, after a Hong Kong court granted the Shanghai company more time to work out with creditors how to repay HK$1.58 billion (US$202.3 million) of borrowings. The liquidation case brought by China Construction Bank (Asia) against Shimao will be heard on August 12, according to a July 31 ruling by Justice Jack Wong Kin-tong of the Hong Kong High Court. The hearing for the case, filed in April, was previously... https://www.scmp.com/business/china-business/article/3272575/shimao-gets-2nd-reprieve-liquidation-winning-time-until-august-12-work-out-its-debt?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3272575/shimao-gets-2nd-reprieve-liquidation-winning-time-until-august-12-work-out-its-debt?utm_source=rss_feed Wed, 31 Jul 2024 03:32:39 +0000 Yulu Ao Yulu Ao A growing number of frustrated creditors are filing winding-up petitions against Chinese developers, with an unprecedented four cases coming before the Hong Kong courts last week. The surge in litigation is partly down to a strategic move by creditors to use the threat of liquidation to secure a better deal and recover more of what they are owed in a deteriorating market, according to restructuring advisors and lawyers. The list of Chinese home builders facing liquidation lawsuits is growing... https://www.scmp.com/business/china-business/article/3268620/troubled-chinese-developers-face-unprecedented-wave-liquidation-suits-hong-kong?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3268620/troubled-chinese-developers-face-unprecedented-wave-liquidation-suits-hong-kong?utm_source=rss_feed Mon, 01 Jul 2024 01:00:16 +0000 Shimao Group Holdings, one of several mainland Chinese developers facing liquidation suits for failing to repay debts, has become the latest to report higher property sales aided by Beijing’s stimulus package aimed at reviving its crisis-hit real estate sector. The Shanghai-based company said sales in May came to 2.92 billion yuan (US$402 million) worth of properties covering a total area of 229,177 square metres (2.47 million square feet), in a filing with the Hong Kong stock exchange on... https://www.scmp.com/business/article/3265849/shimao-latest-developer-see-sales-rise-chinas-property-rescue-package?utm_source=rss_feed https://www.scmp.com/business/article/3265849/shimao-latest-developer-see-sales-rise-chinas-property-rescue-package?utm_source=rss_feed Fri, 07 Jun 2024 12:24:27 +0000 China Vanke has sold a plot of land once earmarked for its new headquarters in Shenzhen for 2.24 billion yuan (US$309 million), almost 30 per cent less than it paid in 2017, as the beleaguered property developer strives to pay down its mountain of debt. The government-backed developer sold the 19,227 sq m site in the Nanshan district of the southern Chinese city to Shenzhen Metro Group, its biggest shareholder, and Baishuo Investment, according to a stock exchange filing published late on... https://www.scmp.com/business/china-business/article/3264370/china-vanke-sells-land-once-earmarked-new-hq-huge-loss-embattled-developer-fights-reduce-debt?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3264370/china-vanke-sells-land-once-earmarked-new-hq-huge-loss-embattled-developer-fights-reduce-debt?utm_source=rss_feed Tue, 28 May 2024 05:19:30 +0000 Troubled property developer Shimao Group Holdings is facing a liquidation suit brought by China Construction Bank, the country’s second-largest lender, for a financial obligation amounting to around HK$1.58 billion (US$201.8 million). In a filing to the Hong Kong stock exchange on Monday, the Shanghai-based developer vowed to “vigorously” oppose the winding-up petition, which it said “does not represent collective interests of the company’s offshore creditors and other stake holders”, while... https://www.scmp.com/business/article/3258184/shimao-group-faces-winding-petition-china-construction-bank-signalling-developer-serious-debt?utm_source=rss_feed https://www.scmp.com/business/article/3258184/shimao-group-faces-winding-petition-china-construction-bank-signalling-developer-serious-debt?utm_source=rss_feed Mon, 08 Apr 2024 04:18:47 +0000 Embattled Chinese property developer Shimao Group Holdings is seeking to restructure offshore debt worth US$11.7 billion. The Shanghai-based firm is seeking approval from offshore creditors for a restructuring plan, according to a filing made to the Hong Kong stock exchange late on Monday, as part of its latest efforts to avoid liquidation. Shimao’s creditors have been presented with four options, including repayment through short-term notes, long-term notes, zero-coupon mandatory convertible... https://www.scmp.com/business/china-business/article/3256685/embattled-chinese-developer-shimao-seeks-offshore-investors-approval-restructure-us117-billion-debt?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3256685/embattled-chinese-developer-shimao-seeks-offshore-investors-approval-restructure-us117-billion-debt?utm_source=rss_feed Mon, 25 Mar 2024 15:10:13 +0000 A US$1.8 billion project by defaulted Chinese developer Shimao Group Holdings failed to find a buyer at a forced auction, underscoring the lack of investment appetite amid a weakening economy. No buyers bid for a land portfolio spanning an area equivalent to 34 football fields, even though the asset was offered at a price 20 per cent lower than its appraised value, according to results posted on online auction site JD.com. Investors have become more cautious about acquisitions after the... https://www.scmp.com/business/article/3226615/chinese-developer-shimaos-us18-billion-distressed-asset-gets-zero-bids-investors-shy-away-troubled?utm_source=rss_feed https://www.scmp.com/business/article/3226615/chinese-developer-shimaos-us18-billion-distressed-asset-gets-zero-bids-investors-shy-away-troubled?utm_source=rss_feed Wed, 05 Jul 2023 06:59:24 +0000 Distressed Chinese developer Shimao Group Holdings and four units have been sued by United Overseas Bank in Hong Kong, adding to broader signs of growing investor impatience amid the nation’s worsening property debt crisis. UOB alleged that Shimao and the group entities breached terms of certain loan and security agreements, by purportedly re-allocating loans and allotting shares between the entities without the Singapore bank’s consent, according to a writ in the High Court of Hong Kong dated... https://www.scmp.com/business/article/3186896/shimao-once-hailed-one-chinas-stronger-developers-sued-uob-over-terms-us13?utm_source=rss_feed https://www.scmp.com/business/article/3186896/shimao-once-hailed-one-chinas-stronger-developers-sued-uob-over-terms-us13?utm_source=rss_feed Thu, 28 Jul 2022 07:54:27 +0000 One day mid-July in 2017, one of China’s wealthiest men called a hastily organised media conference to announce what would turn out to be the largest corporate bailout in the country amid a regulatory crackdown on profligate deal making. At Dalian Wanda Group’s headquarters building in Beijing – its tenants included a five-star hotel run by Sofitel, an IMAX cinema and a New World department store – the media waited for the property magnate Wang Jianlin to appear. Wang was ensconced in a... https://www.scmp.com/business/companies/article/3178511/chinas-property-crisis-who-and-what-will-save-indebted?utm_source=rss_feed https://www.scmp.com/business/companies/article/3178511/chinas-property-crisis-who-and-what-will-save-indebted?utm_source=rss_feed Sat, 21 May 2022 02:00:22 +0000 China’s new home prices rose at a slower pace last month from March, as sales were affected after developers were forced to shut their sales offices in many cities due to the nation’s worsening Covid-19 situation. The average new home price in 100 Chinese cities increased 0.02 per cent to 16,193 yuan (US$2,450) per square metre in April, easing from 0.03 per cent growth in March, according to data from China Index Academy, one of the country’s biggest independent real estate research... https://www.scmp.com/business/article/3176508/chinas-new-home-prices-april-rise-slower-pace-covid-19-lockdowns-force?utm_source=rss_feed https://www.scmp.com/business/article/3176508/chinas-new-home-prices-april-rise-slower-pace-covid-19-lockdowns-force?utm_source=rss_feed Wed, 04 May 2022 11:00:13 +0000 Three of China’s biggest property developers have lost their audit firms, as Covid-19 quarantines disrupted accounting work, in a collective setback for investors as they would have to wait several months longer to get a glimpse of the financial results of some of the country’s biggest debtors. PricewaterhouseCoopers (PwC) resigned as the auditor of Guangzhou R&F Properties on April 28, ceased acting for Shimao Services Holdings a day later, according to separate filings late Friday night to the... https://www.scmp.com/business/article/3176102/pwc-and-grant-thornton-quit-auditors-rf-kaisa-and-shimao-covid-19-controls?utm_source=rss_feed https://www.scmp.com/business/article/3176102/pwc-and-grant-thornton-quit-auditors-rf-kaisa-and-shimao-covid-19-controls?utm_source=rss_feed Sat, 30 Apr 2022 08:47:46 +0000 Chinese developer Shimao Group Holdings said property sales at its mainland-listed subsidiary slumped last month, piling further financial pressure on one of the country’s top real estate companies. Contracted sales at Shanghai Shimao sank 62 per cent to 1 billion yuan (US$158.4 million) in February from a year earlier, according to a filing to the Shanghai Stock Exchange on Tuesday. Shimao, founded by Hui Wing Mau, also known as Xu Rongmao, in 1989, was regarded as a sound and restrained... https://www.scmp.com/business/article/3169678/property-sales-shimao-groups-shanghai-listed-unit-sink-62-cent-february?utm_source=rss_feed https://www.scmp.com/business/article/3169678/property-sales-shimao-groups-shanghai-listed-unit-sink-62-cent-february?utm_source=rss_feed Tue, 08 Mar 2022 08:30:29 +0000 Delegates from China’s property developers, the nation’s largest debtors, are likely to be feeling the pressure when they show up at the Great Hall of the People for the annual legislative meeting in Beijing in the coming days. Six of the 13 real estate company chairmen attending the “two sessions” will be representing developers that have either officially defaulted on their debts or have asked creditors to give them more time to pull together the money they owe. These delegates, among them... https://www.scmp.com/business/china-business/article/3169445/two-sessions-2022-embattled-chinese-property-moguls-likely?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3169445/two-sessions-2022-embattled-chinese-property-moguls-likely?utm_source=rss_feed Mon, 07 Mar 2022 00:30:17 +0000 The number of Chinese developers seeking debt forbearance from offshore creditors is expanding as Zhenro Properties and Jingrui Properties highlighted an ongoing credit crunch amid the worst industry slowdown in a decade. The two developers this week sought to delay repayments on dollar-denominated bonds worth US$1.2 billion maturing this year, citing a liquidity squeeze. They are also asking bondholders to waive some default clauses on US$3.5 billion of notes, weakening their covenants. The... https://www.scmp.com/business/article/3168292/evergrande-crisis-distressed-exchanges-default-waivers-build-chinese?utm_source=rss_feed https://www.scmp.com/business/article/3168292/evergrande-crisis-distressed-exchanges-default-waivers-build-chinese?utm_source=rss_feed Thu, 24 Feb 2022 23:30:22 +0000 Struggling mainland Chinese developer Shimao Group Holdings is seeking buyers for nearly 40 projects to shore up liquidity, as 20 billion yuan (US$3.1 billion) of bond repayments loom this year. The package of 37 assets includes hotels, shopping malls and serviced apartments estimated to be worth 77.1 billion yuan, according to a document obtained by the Post. One of the projects on the list includes a landmark luxury hotel built in an abandoned quarry in Shanghai, which carries a price tag of... https://www.scmp.com/business/banking-finance/article/3167008/liquidity-stricken-shimao-seeks-buyers-some-40-projects?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3167008/liquidity-stricken-shimao-seeks-buyers-some-40-projects?utm_source=rss_feed Mon, 14 Feb 2022 11:30:12 +0000 As millions of Chinese headed home last week to celebrate the Lunar New Year, Michael Lin had to break the bad news to his 7-year-old daughter: she would not be seeing her grandparents in Anhui province during the long holiday week. Lin, who runs a painting and heating-insulation company in neighbouring Jiangsu province, had to sell the family’s 2017 Honda SUV last December to keep his small business – and six employees – afloat. He is one of the thousands of suppliers who have had to forgo... https://www.scmp.com/business/article/3165820/no-money-no-new-year-chinese-developers-remain-mired-debt-even-after?utm_source=rss_feed https://www.scmp.com/business/article/3165820/no-money-no-new-year-chinese-developers-remain-mired-debt-even-after?utm_source=rss_feed Sat, 05 Feb 2022 02:00:15 +0000 China’s publicly traded developers soared on the stock market, as the first cut in mortgage rates in two years combined with a government plan to grant them easier access to sales receipts brought much-needed relief to their cash crunch and mounting debt. The Hang Seng Mainland Properties Index, which tracks the performance of property developers traded on the Hong Kong stock exchange, rose by 4.6 per cent to close at 4,640.74 points. China cuts mortgage reference rate for first time in nearly 2... https://www.scmp.com/business/article/3164036/evergrande-kaisa-and-other-indebted-developers-get-break-chinas-rate-cuts?utm_source=rss_feed https://www.scmp.com/business/article/3164036/evergrande-kaisa-and-other-indebted-developers-get-break-chinas-rate-cuts?utm_source=rss_feed Thu, 20 Jan 2022 04:02:13 +0000 China is drafting nationwide rules to make it easier for property developers to access funds from sales still held in escrow accounts in its latest move to ease a severe cash crunch in the sector, four people with knowledge of the matter said. Regulatory curbs on borrowing have driven the sector into crisis, highlighted by China Evergrande Group which was once China’s top-selling developer but is now the world’s most indebted property firm with liabilities of US$300 billion. The new rules would... https://www.scmp.com/business/china-business/article/3163988/china-drafts-rules-give-property-developers-more-access?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3163988/china-drafts-rules-give-property-developers-more-access?utm_source=rss_feed Wed, 19 Jan 2022 14:00:27 +0000 Shimao Group’s founder is putting two floors of the world’s priciest office tower on the market for sale, as even one of China’s more restrained real estate developers digs into his own pockets to pare a looming debt load. Shimao’s founder Hui Wing Mau and his daughter Hui Mei-mei are asking for HK$1.6 billion (US$205 million) for levels 31 and 32 of The Center in Hong Kong, with a combined floor plate of about 50,000 square feet (4,645 square metres), according to a sales kit seen by South... https://www.scmp.com/business/china-business/article/3163819/shimaos-founder-offers-sell-two-floors-center-hong-kong?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3163819/shimaos-founder-offers-sell-two-floors-center-hong-kong?utm_source=rss_feed Tue, 18 Jan 2022 09:30:25 +0000 A Shanghai construction materials supplier with links to the Shimao Group has defaulted on a US$101m project loan guaranteed by the Hong Kong-listed group, adding to its recent debt burden. Shanghai Shimao Construction Company failed to repay the proceeds as a guarantor for a project that raised funds for Shanghai Qianyi Construction Materials Company, according to a notice sent to investors on Thursday by China Credit Trust (CCT), the trustee for the loans. Shanghai Shimao Construction, a... https://www.scmp.com/business/banking-finance/article/3162513/shimao-groups-shanghai-unit-defaults-us101m-project-loan?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3162513/shimao-groups-shanghai-unit-defaults-us101m-project-loan?utm_source=rss_feed Fri, 07 Jan 2022 06:17:40 +0000 Hong Kong’s Covid-19-hit economy has claimed another co-working office space operator. Victory Offices, an Australian firm, has pulled down the shutters on its Hong Kong operations just over a year after its launch. The company has closed its 25,000 sq ft space on the 76th floor of the iconic The Center last week, the Post has confirmed. “It’s a combination of high rentals and Covid-19, and that’s a recipe for disaster,” said Kenny Lam, the former regional manager for Southeast Asia at Victory,... https://www.scmp.com/business/companies/article/3114885/australian-co-working-firm-victory-offices-exits-hong-kong-after?utm_source=rss_feed https://www.scmp.com/business/companies/article/3114885/australian-co-working-firm-victory-offices-exits-hong-kong-after?utm_source=rss_feed Tue, 22 Dec 2020 05:05:33 +0000 Traditionally, Chinese developers have offered little more than security and maintenance services to the residents of their projects once the cranes and diggers have moved on. But after 2014, when the authorities removed price controls on property management fees, more home builders began offering extras like takeaway food and grocery deliveries, gardening and laundry services. Seeing the income from their sideline businesses growing, the likes of Country Garden Holdings and Poly Development and... https://www.scmp.com/business/companies/article/3108282/food-delivery-babysitting-chinese-home-builders-turn-butler?utm_source=rss_feed https://www.scmp.com/business/companies/article/3108282/food-delivery-babysitting-chinese-home-builders-turn-butler?utm_source=rss_feed Tue, 03 Nov 2020 23:00:13 +0000 The Ningxia Hui autonomous region, sandwiched between the northern provinces of Inner Mongolia, Gansu and Shaanxi, is viewed by Beijing as strategically important for the Belt and Road Initiative, which aims to extend China’s economic and diplomatic reach to Central Asia, the Middle East, Europe and Africa. One of China’s smallest economies last year, Ningxia was once a stop on the ancient Silk Road. It is believed that the minority Muslim Hui community, which makes up 36 per cent of its... https://www.scmp.com/business/china-business/article/3007701/ningxia-stop-ancient-silk-road-counts-history-and-location?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3007701/ningxia-stop-ancient-silk-road-counts-history-and-location?utm_source=rss_feed Thu, 25 Apr 2019 12:33:30 +0000 Jason Hui Sai-tan, the 41-year-old president of Chinese developer Shimao Property Holdings, wants to turn the oft-used aphorism in China’s real estate industry on its head, as he looks forward to building the country’s tallest building, fresh from helping his father build China’s deepest hotel. “Land is flour, and we would like to make exquisite cake instead of cookie-cutter bread,” says Hui, who has set his sights on a 700-metre office tower in Shenzhen following the launch of the 18-storey... https://www.scmp.com/property/article/3004883/hotel-hole-chinas-tallest-tower-shimao-heir-apparent-ditches-cookie-cutter?utm_source=rss_feed https://www.scmp.com/property/article/3004883/hotel-hole-chinas-tallest-tower-shimao-heir-apparent-ditches-cookie-cutter?utm_source=rss_feed Sun, 07 Apr 2019 03:00:14 +0000 Some buyers are so edgy about the Hong Kong property market that they are pulling out of deals, despite losing big deposits. A buyer who agreed to buy a unit at Sun Hung Kai Properties’ St Martin II two weeks ago cancelled the purchase on Thursday. The U-turn on the HK$7.25 million studio unit in Tai Po in the New Territories meant the buyer had to forfeit the 5 per cent deposit – about HK$362,700 (US$46,200). That followed five instances on Wednesday at Sun Hung Kai’s Park Yoho Milano in the... https://www.scmp.com/business/article/2160103/homebuyers-getting-cold-feet-hong-kongs-property-market-amid-growing?utm_source=rss_feed https://www.scmp.com/business/article/2160103/homebuyers-getting-cold-feet-hong-kongs-property-market-amid-growing?utm_source=rss_feed Fri, 17 Aug 2018 02:15:15 +0000 The new owners of The Center, the world’s most expensive office building, have said they want new tenants who will pay higher rents when global investment bank Goldman Sachs’ lease expires in December.    “[Goldman Sachs] is paying rent well below market value,” said Pollyanna Chu Lee Yuet-wah, a co-founder of Kingston Financial Group, who has a 17 per cent stake in the HK$40.2 billion (US$5.15 billion) office tower. Chu also confirmed that investors in the consortium that has bought the office... https://www.scmp.com/property/hong-kong-china/article/2140418/goldman-rent-well-below-market-value-new-owners-center?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/2140418/goldman-rent-well-below-market-value-new-owners-center?utm_source=rss_feed Thu, 05 Apr 2018 07:30:45 +0000 Hui Wing-mau, the chairman of Shanghai-based Shimao Property Holdings, has said his purchase of a stake in The Center, the world’s most expensive office building, will not be affected by a tightening in the mainland credit policy for overseas acquisitions. “I’m a Hong Kong resident and have lived here for 40 years. My money is here and will not be affected [by the credit tightening],” he said in his first public comments – confirming an earlier report by the South China Morning Post – on the... https://www.scmp.com/property/hong-kong-china/article/2139155/china-credit-tightening-wont-affect-stake-hk40b-center-says?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/2139155/china-credit-tightening-wont-affect-stake-hk40b-center-says?utm_source=rss_feed Tue, 27 Mar 2018 10:15:30 +0000 A waterfront site in the former industrial area of Cheung Sha Wan was sold to a consortium of five companies from Hong Kong and the mainland for HK$17.28 billion (US$2.21 billion) on Wednesday, making it the city’s most expensive residential plot. The transaction broke the previous record for a government land sale set in February when another waterfront residential site in Ap Lei Chau was sold to a joint venture between Logan Property and KWG Property for HK$16.8 billion. The price for the... https://www.scmp.com/property/hong-kong-china/article/2120055/waterfront-residential-site-cheung-sha-wan-sells-record?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/2120055/waterfront-residential-site-cheung-sha-wan-sells-record?utm_source=rss_feed Wed, 15 Nov 2017 09:30:30 +0000 More and more mainland Chinese developers are setting their sights on Hong Kong’s land market to diversify in the wake of the a property market slowdown at home, especially in smaller cities, as well as to take advantage of the falling land prices in the city. Tian Ming, chairman of Nanjing-based Landsea Green Properties, said Hong Kong would be its priority overseas investment destination this year. Chinese developers aggressively bidding for government land in Hong Kong In an interview with... https://www.scmp.com/property/article/1937194/more-chinese-property-developers-eye-hong-kong-sites?utm_source=rss_feed https://www.scmp.com/property/article/1937194/more-chinese-property-developers-eye-hong-kong-sites?utm_source=rss_feed Tue, 19 Apr 2016 12:27:29 +0000 A venture led by Shanghai-based Shimao Property Holdings outbid five Hong Kong developers to win the government tender for a hotel site in Tung Chung for HK$1.83 billion, in line with the range of analysts' estimates. "[We] had submitted bids for Hong Kong government tenders before but it is the first time we won," said a company spokeswoman. Shimao teamed up with mainland commercial developer Mingfa International to develop the project. "Shimao will have a bigger share," she said, refusing to... https://www.scmp.com/property/hong-kong-china/article/1622330/shimao-led-bid-wins-tender-hotel-site-tung-chung?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/1622330/shimao-led-bid-wins-tender-hotel-site-tung-chung?utm_source=rss_feed Wed, 22 Oct 2014 22:00:15 +0000 Shimao Property Holdings will cut its construction area by more than two million square metres in cities facing home-purchase restrictions and increase sales volume to offset a sluggish market. The company made the announcement after reporting that underlying interim profit rose 39 per cent. Excluding revaluation gains on investment properties, core earnings were 2.27 billion yuan (HK$2.77 billion), up from 1.63 billion yuan a year earlier. Turnover increased 21 per cent to 12.17 billion yuan,... https://www.scmp.com/article/977766/shimao-slash-construction-area?utm_source=rss_feed https://www.scmp.com/article/977766/shimao-slash-construction-area?utm_source=rss_feed Wed, 31 Aug 2011 16:00:00 +0000 Credit agency Moody's Investors Service has taken a pessimistic view of the mainland's property sector amid concern that the China Banking Regulatory Commission might take action against questionable property lending. As tight credit conditions are likely to prevail in the next 12 to 18 months, Moody's expects developers to face challenges in funding projects from domestic and overseas sources, while encountering a more difficult sales environment. 'The overall sector faces negative... https://www.scmp.com/article/634005/moodys-view-property-sector-dims-amid-fears-tighter-lending?utm_source=rss_feed https://www.scmp.com/article/634005/moodys-view-property-sector-dims-amid-fears-tighter-lending?utm_source=rss_feed Wed, 16 Apr 2008 16:00:00 +0000 Bids from Shimao and China Overseas lower than expected The mainland's tightened credit policies continue to help cashed-up developers, with Hong Kong-listed Shimao Property Holdings and China Overseas Land & Investment yesterday winning two mega sites in Hangzhou for a less than expected price. Shimao bought a residential-commercial site with a gross floor area of 610,000 square metres with the opening bid of 3.07 billion yuan, or 5,046 yuan per square metre. At the same auction, China... https://www.scmp.com/article/622691/hk-firms-win-hangzhou-sites?utm_source=rss_feed https://www.scmp.com/article/622691/hk-firms-win-hangzhou-sites?utm_source=rss_feed Fri, 11 Jan 2008 16:00:00 +0000 Shimao Property Holdings has cast a vote of confidence in the mainland's real estate market, aiming to double its property sales to more than 17.8 billion yuan next year. With its expansion into second- and third-tier cities, the company maintained strong property sales while selling prices for its projects managed to rise even after Beijing imposed more macroeconomic austerity measures to cool speculation, said chairman Hui Wing-mau, the mainland's second-richest man. 'We expect... https://www.scmp.com/article/617849/bullish-shimao-doubles-sales-goal-mainland-property-market?utm_source=rss_feed https://www.scmp.com/article/617849/bullish-shimao-doubles-sales-goal-mainland-property-market?utm_source=rss_feed Fri, 30 Nov 2007 16:00:00 +0000 Shimao Property Holdings, controlled by billionaire Hui Wing-mau, will transfer 7.7 billion yuan worth of assets to Shanghai Shimao as part of a group restructuring that will give it a majority stake in the Shanghai-listed firm. The deals would also allow Shimao Property to gain exposure in the mainland market through Shanghai Shimao, so it could raise more funds at a lower cost of capital, Jason Hui, an executive director of Shimao Property, told the South China Morning Post. Shimao Property... https://www.scmp.com/article/612770/shimao-seeks-majority-stake-shanghai-unit?utm_source=rss_feed https://www.scmp.com/article/612770/shimao-seeks-majority-stake-shanghai-unit?utm_source=rss_feed Tue, 23 Oct 2007 16:00:00 +0000 Shimao Property Holdings has chosen to stay out of a bidding war with land-hungry Hong Kong and mainland property developers. The mainland developer is controlled by the country's second-richest man, Hui Wing-mau. Development sites in key cities such as Beijing and Guangzhou, as well as second and third-tier cities such as Changsha and Chongqing have recently gone to Hong Kong buyers at prices that Mr Hui described as 'astronomic'. 'I won't bid for sites at such astronomic amounts,' Mr Hui... https://www.scmp.com/article/605033/shimao-property-plays-it-cool-bidding-heats?utm_source=rss_feed https://www.scmp.com/article/605033/shimao-property-plays-it-cool-bidding-heats?utm_source=rss_feed Tue, 21 Aug 2007 16:00:00 +0000