SHIMAO GROUP (00813): Hotel asset takeover and official start of sale process.

SHIMAO GROUP (00813) announced that a wholly-owned indirect subsidiary of the company is the obligor of certain project loans, secured by the properties of a hotel in Hong Kong now known as Sheraton Hong Kong Tung Chung Hotel and Four Points by Sheraton Hong Kong Tung Chung. The Board of Directors hereby notifies the shareholders that AlixPartners Hong Kong, Limited and its affiliated Ms. Ke Jun and Mr. Patrick BANCE (Administrators) have been formally appointed as joint and several administrators and managers of the hotel, effective from June 1, 2026. This appointment is made in accordance with the debt securities and mortgage agreement between the Group's relevant subsidiaries (as mortgagors) and the security agent, secured by the syndicated loan agreement signed on July 27, 2020 (amended and restated by a supplemental agreement on June 28, 2023). The Board is aware of this appointment and fully supports a orderly and transparent process to ensure the certainty of the transaction and provide a viable path for a successful sale. Management has been in full cooperation with the administrators and believes that a professionally managed sales process is in the best interests of all stakeholders. The administrators have informed the Board that the day-to-day operations of the hotel have not been affected. Furthermore, the Board has learned that the administrators have appointed an international real estate agency to assist in the formal marketing activities of the hotel sale, aimed at maximizing the recoverable value for all stakeholders.