Fortune Spring Ventures to sell stake in SPV for $267.89 million

24 Dec 2021 CW Team

Shimao Group Holdings, a Chinese developer, announced on Friday that its unit Fortune Spring Ventures would sell its stake in three special purpose vehicles for $267.89 million.

The agreement comes as Chinese developers, led by Evergrande and Kaisa Group, struggle with liquidity shortages as a result of new regulations.

Shimao said its unit would sell 22.5% of each of Asia Bright Development, Star Galaxy, and Grand Victoria Finance's issued share capital.

The three special purpose vehicles are in charge of managing and developing a property development project in Hong Kong's South West Kowloon district.

It also said that the stake sale would provide additional working capital and improve cash flow for the company, while also indicating that the disposal could result in a loss of about HK $770 million.

Rating agencies Moody's and Fitch downgraded Shimao by two notches due to the company's increased financing risks.

Worries about an asset sale and cancelled apartment deals caused sharp drops in the company's stock and debt earlier this week.

On July 5, 2006, Shimao Group Holdings Limited was listed on The Stock Exchange of Hong Kong Limited's mainboard.

The Group focuses on large-scale, high-quality, integrated real estate projects in China, with a particular emphasis on cities with strong, dynamic economic growth potential. The development of residential, hotel, office and commercial properties is a priority for the Group.

Image Source

Infrastructure Urban

02 Jun 2026

VECV Sales Rise 7.8 Per Cent In May 2026

VE Commercial Vehicles recorded sales of 7,978 units in May 2026, compared to 7,401 units in May 2025, registering growth of 7.8 per cent. This included 7,789 units from the Eicher brand and 189 units from the Volvo brand.Eicher branded trucks and buses reported sales of 7,789 units during the month, up 7.3 per cent from 7,258 units a year earlier. In the domestic commercial vehicle market, Eicher sales rose 9.1 per cent to 7,375 units from 6,758 units in May 2025.Exports declined 17.2 per cent to 414 units from 500 units in the corresponding month last year. Volvo Trucks and Volvo Buses recor..

Table Space Strengthens DESYN Leadership Team

Table Space has announced strategic leadership appointments within DESYN, its integrated Design and Build business, as it looks to strengthen operations across key enterprise and GCC markets in India. DESYN was launched as a strategic extension of Table Space’s workspace solutions portfolio to meet rising demand for agile, high-quality and rapidly deployable enterprise workspaces.Shruti Ookabhoy has joined DESYN as Executive Director and will lead the Design vertical, focusing on design capability, operational excellence and team development across markets. She brings over 22 years of experi..

Concord Associate Bags Rs 2.79 Bn Kavach Order

Concord Control Systems said its associate company, Progota India, has received a Rs 2.79 bn domestic order from Indian Railways for the supply, installation, testing and commissioning of on-board Kavach 4.0 loco equipment.The order is scheduled for execution within 12 months and strengthens Concord’s role in India’s railway safety and signalling ecosystem. Kavach is India’s indigenous automatic train protection system, designed to improve operational safety by helping prevent signal passing at danger and reducing collision risks.Gaurav Lath, Joint Managing Director, Concord Control Syst..