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.
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