Receivers to sell indebted Shimao’s 2 Hong Kong hotels to Malaysian developer

Receivers of the Sheraton Hong Kong Tung Chung Hotel and the Four Points by Sheraton have agreed to sell the dual-branded complex, which together comprise the city’s third-largest hotel by room count, for HK$2.

7 billion (US$344 million), Shimao Group announced on Thursday. In a filing to the Hong Kong stock exchange, the distressed mainland Chinese developer said the buyer was Oceanfront Hong Kong Limited, which is…