The Chinese builder’s $1.8 billion distressed asset is getting no bids


A $1.8 billion project by defaulted Chinese developer Shimao Group Holdings Ltd. failed to find a buyer at a foreclosure auction, underscoring the lack of investment appetite amid a weakened economy.

No buyers are bidding for a land portfolio spanning an area equivalent to 34 football pitches, although the asset was offered at a price 20% below its appraised value, according to results published on auction website

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