Distressed Builder Parkview Weighs Selling Artwork to Repay Debt
Parkview is mulling to sell over 300 artworks displayed at Parkview Green to repay a small part of a $940 million loan due in August, the people said, who asked not to be named discussing private matters. The valuation of the art is provided by the company to the banks.
The cash-strapped developer has been in months-long talks with banks for the refinancing, which would extend the maturity by three years, the people said. Parkview is offering some other residential properties in Beijing as additional collateral, on top of Parkview Green, according to one of the people.
Parkview didn't respond to requests for comment.
Parkview's credit enhancement proposal comes as worries grow over the builder's ability to repay the facility. Rental income generated from the commercial complex — which includes office towers, a shopping mall, an art center and a boutique hotel — fell short of covering the loan's interest expenses, Bloomberg News reported.
Parkview is also among the many smaller Hong Kong developers experiencing liquidity stress as banks tighten their screws by demanding stricter refinancing terms and higher credit enhancements amid a years-long slump in the city's real estate sector.
Located in Beijing's central business district, Parkview Green houses art pieces from the likes of Salvador Dali and Chinese artists such as Chen Wenling and Wang Luyan, according to its website. Dali's renowned Dragon Swan Elephant sculpture, is among the artwork potentially up for sale, said one of the people.
Separately, Parkview held discussions with international auction house Sotheby's for a loan backed by more than 200 artworks, but the talks hit a standstill, Bloomberg News reported. The company was also tapping private credit for at least HK$2.8 billion in funding, and then managed to secure HK$300 million from investment firm PAG earlier this year.
--With assistance from Emma Dong.
More stories like this are available on bloomberg.com
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