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Published by: dailynews
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Chinese Developer’s $1.8 Billion Distressed Asset Gets Zero Bids

Published by: dailynews
Published on:

A $1.8 billion project by defaulted Chinese developer Shimao Group Holdings Ltd. 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% lower than its appraised value, according to results posted on online auction site JD.com.

Investors have become more cautious about acquisitions after the country’s real estate sector failed to sustain a recovery. Globally, commercial property markets from New York to Hong Kong are struggling due to a fragile economic outlook and work-from-home preferences.

Read the full story on Bloomberg here.