Business
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 JD.com.
