Distressed Builder Parkview Weighs Selling Artwork to Repay Debt
(Bloomberg) – Hong Kong Builder ParkView Group is considering to pay the debt to pay the debt and to help to achieve a re -financing agreement connected to one of Beijing’s iconic complexes.
ParkView is mulling to sell more than 300 artworks on ParkView Green to repay a small part of a 940 million dollar loan in August in August. The valuation of art is provided by the company to banks.
Developer, who has a shortage of cash, will extend maturity for three years in negotiations with banks for financing again. ParkView offers other housing properties as an additional collateral on the top of Parkview Green in Beijing, according to one of the people.
ParkView did not respond to comments requests.
ParkView’s credit development proposal is concerned about the builder’s ability to repay the facility. Bloomberg News, the rental revenue produced from the commercial complex – office towers, a shopping center, an art center and a boutique hotel – insufficient to cover the interest costs of the loan.
ParkView is also among the many small Hong Kong developers who experience liquidity stress, while banks demand more strict re -financing terms and higher credit development in the real estate sector of the city.
Parkview Green, which is located in the central business area of Beijing, is home to Chinese artists such as Chen Wenling and Wang Luyan according to the works of art and website from Salvador Dali. One of the people said Dali’s famous Dragon Swan Elephant Statue was offered potentially for sale.
Bloomberg News, ParkView, has interviewed Sotheby’s for a loan supported by more than 200 artworks. The company also used a special loan for at least $ 2.8 billion hk financing, and later managed to secure $ 300 million HK from the investment company PAG earlier this year.
-HELP FROM EMMA Dong.
There are more stories like this Bloomberg.com
