China Luxury Property Developer Shimao Group Sued by UOB in Hong Kong for Breaching Terms of $1.2 Billion Secured Loan, Re-allocated Loans & Shares Without Bank Agreement
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China Luxury Property Developer Shimao Group Sued by UOB in Hong Kong for Breaching Terms of $1.2 Billion SecuredLoan, Re-allocated Loans & Shares Without Bank Agreement
29th July 2022 | Hong Kong
China luxury property developer Shimao Group had been sued by UOB in Hong Kong for breaching terms of a secured $1.2 billion loan facility (HKD 10 billion: UOB, other lenders) to group entity Adventure Success, with Shimao Group re-allocating loans & shares between entities without the agreement of the banks (lenders).The $1.2 billion facility is secured through group entity Adventure Success underlying assets: private residential land in Hong Kong.Early in July 2022, Shimao Group had defaulted on paying coupon on an offshore $1 billion bond.Shimao Group is listed on Hong Kong Exchange and has a market capitalisation of around $2.13 billion (29/7/22)
“ China Luxury property Developer Shimao Group Sued by UOB in Hong Kong for Breaching Terms of $1.2 Billion SecuredLoan, Re-allocated Loans & Shares Without Bank Agreement “
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Shimao Group: In November 2014, we entered into a land grant contract with Hong Kong Lands Department to acquire a parcel of land situated in Tung Chung, Hong Kong Special Administrative Region for a consideration of approximately HK$1,830.0 million (US$236.1 million). This parcel of land comprises an aggregate site area of approximately 12,902 sq.m. and a planned GFA of approximately 56,715 sq.m. The development on this parcel of land is expected to feature a hotel.We hold a 80% equity interest in the joint venture.
Shimao Group
Hong Kong, Asia’s leading financial centre
Shimao Group Holdings Limited (“Shimao Group” or “the Company”, together with its subsidiaries, collectively as “the Group”; Hong Kong Stock Code: 813) was listed on the main board of The Stock Exchange of Hong Kong Limited on 5 July 2006.The Group develops large scale, high quality, integrated real estate projects, focusing on cities with high, dynamic economic growth potential in China. The Group is dedicated to the development of residential, hotel, office and commercial properties.Adhering to its mission, “Cultivating Life Taste”, the SHIMAO brand has led China’s property market with its pioneering “Riviera Model”, effectively integrating landscape, waterside, gardening and architectural elements into the daily life of every family, the outcome of which is a series of high-quality, classically-designed property projects. Incorporating innovation and foresight in our strategies, the Group is committed to “Accomplishing Urban Dreams” as we aspire to contribute to the process of urbanisation as an “urban operator”.
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