Chinese developer Shimao Group’s share rose on Monday after its chairman sold Shanghai hotel and a stake in a Hong Kong development, respectively, for a total of $836 million, in their latest efforts to raise funds.
The movement came after the company put up assets worth 77 billion yuan ($12.11 billion) for sale to raise cash for servicing its debts.
Shimao Group said late on Friday it sold Hyatt on the Bund to state-owned Shanghai Land (Group) Co for 4.5 billion yuan.
Its chairman Hui Wing Mau also sold his 40% stake in a Hong Kong high-end residential development to Hong Kong investors CSI Properties and C C Land Holdings for HK$1.05 billion ($134.68 million), according to separate statements from the buyers late on Friday.
