According to the first financial report, several intermediaries forwarded the news of Shanghai Sheshan Shimao Shenkeng hotel in the circle of friends, and indicated that “the current offer is 2.25 billion for sale” .
according to the list of assets for sale of Shimao Group, the company is preparing to transfer 36 projects nationwide, with a total quotation of more than 77.1 billion yuan. Excluding the mortgage financing part, it is expected to recover 23.6 billion yuan.
“Shenkeng Hotel” was once rated as “the world’s top ten architectural wonders”
Shanghai Sheshan Shimao Intercontinental Hotel, also known as Shimao Shenkeng Hotel, is a full online red hotel with an estimated value of 2.25 billion yuan and a mortgage financing balance of 2.073 billion yuan. the hotel is located in the deep pit of Tianma mountain in Sheshan scenic spot in the southwest suburb of Shanghai. It creates the world’s first natural ecological hotel built in the stone pit on the wall of the abandoned quarry pit. was rated as “the world’s top ten architectural wonders” by the National Geographic Channel’s world great engineering tour.
The hotel has been built for more than 10 years and opened in November 2018. It has 336 rooms, 2 floors above the ground and 16 floors underground , with a total construction area of about 61087 square meters. The guest rooms are equipped with a viewing terrace to enjoy the unique scenery of cliffs and waterfalls. due to its unique landscape, the project is quite popular. It has become a tourist destination in Shanghai, with an income of about 32 million yuan in 2018.
According to the financial report of Shimao Group, the hotel achieved a revenue of about 279 million yuan in 2019 and about 265 million yuan in 2020; In the first half of 2021, the revenue also reached 134 million yuan.
According to a previous report by the financial Associated Press, people from the investment department of real estate institutions believe that there will be a certain discount between the price now quoted by Shimao and the actual transaction price. Even if we can reach an agreement with the buyer on the price, Shimao hopes to get cash back quickly, but the mortgage financing amount of this project is large, and it will take some time to straighten out the creditor’s rights and property rights.
Shimao Group accelerates the disposal of assets
Shimao Group is accelerating the disposal of assets. According to the list of assets for sale of Shimao Group, the company is preparing to transfer 36 projects nationwide, with a total quotation of more than 77.1 billion yuan. Excluding the mortgage financing, it is expected to recover 23.6 billion yuan. so far, it has successfully sold 3 projects.
Among the three projects sold by Shimao, two are located in Shanghai, namely, maoyue Hotel on the Bund and a commercial office plot on the North Bund, with transaction prices of 4.5 billion yuan and 1.06 billion yuan respectively. The recipients are state-owned enterprises in Shanghai.
The company plans to transfer 10 projects in Shanghai, and there are still 8 projects looking for buyers. Among them, Shanghai Shimao Plaza and Shanghai Shimao Royal Amy hotel are also on the list for sale, with a total assessed value of 13.55 billion yuan and a mortgage financing balance of 6.5 billion yuan.
Analysts said that because the above-mentioned two real estate projects are sold at a slower speed, the total price of the other two research institutes may be sold together.
“Different from the commercial projects in the third and fourth tier cities, the commercial projects in the core business circle in the first tier cities are more concerned and will be taken over by the investors first. The key to whether the above two projects can be transferred is the price discount.” The analyst said.
an insider close to Shimao Group told reporters that Shimao is trying to speed up the process of project transfer, but as other enterprises are also transferring projects in the market, the asset disposal process is not easy, and it will take some time to find a buyer with the right price.
According to the Beijing News previously reported that under the liquidity crisis, Shimao Group had to “break its arm to survive” together with the sale of the online red hotel. at present, the hotel business of Shimao Group is greatly affected by the epidemic. it had planned to spin off the hotel business for listing, and finally the plan had to be “stranded”.
Shimao Group did not respond positively to the above list of items for sale. Its internal stakeholders told the Beijing News: “there are indeed some high-quality projects under negotiation one after another. The progress and price are in the negotiation process, and the specific quantity and amount have yet to be agreed. Once the transaction is determined, it will be announced to the public.”
