HONG KONG: 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 (US$579mil), the person said, asking not to be identified discussing a private matter.
