Shimao (HKG:0813) said receivers have been appointed over the Sheraton Hong Kong Tung Chung Hotel and Four Points by Sheraton Hong Kong Tung Chung, with a formal sales process now underway, according to a Wednesday Hong Kong bourse filing.
The appointment took effect on June 1 after a security agent acting for lenders exercised its rights under loan facilities secured by the hotel assets.
The property firm added that hotel operations remain unaffected.
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