**Hong Kong Developer Parkview Group Considers Art Sale to Reduce Debt**
Parkview Group, a prominent builder in Hong Kong, is contemplating the sale of artwork valued at over HK$200 million (approximately $25.5 million) as part of a strategy to alleviate debt and facilitate a refinancing agreement related to one of Beijing’s most renowned complexes. Sources familiar with the situation, who requested anonymity, revealed that the company is considering selling more than 300 pieces of art currently displayed at Parkview Green to partially repay a $940 million loan that is due in August.
The valuation of the artwork has been communicated to the banks involved in the refinancing discussions. Parkview has been engaged in negotiations with financial institutions for several months, aiming to extend the loan’s maturity by three years. In addition to the artwork, the developer is also offering other residential properties in Beijing as collateral, alongside Parkview Green.
Concerns are mounting regarding Parkview’s ability to meet its financial obligations, particularly as rental income from the commercial complex—which includes office towers, a shopping mall, an art center, and a boutique hotel—has not been sufficient to cover the loan’s interest payments. The company is among several smaller developers in Hong Kong facing liquidity challenges as banks impose stricter refinancing conditions and demand higher credit enhancements amid a prolonged downturn in the city’s real estate market.
Parkview Green, located in Beijing’s central business district, features art from renowned figures such as Salvador Dali and notable Chinese artists like Chen Wenling and Wang Luyan. Among the artworks potentially for sale is Dali’s famous Dragon Swan Elephant sculpture. Additionally, Parkview has explored discussions with international auction house Sotheby’s for a loan secured by over 200 artworks, although those talks have reportedly stalled. Earlier this year, the company also sought private credit for at least HK$2.8 billion and successfully secured HK$300 million from investment firm PAG.
As Parkview Group navigates these financial challenges, the outcome of its refinancing efforts and potential art sales will be closely watched by industry observers.
**FAQ**
**What is Parkview Group planning to do with its artwork?**
Parkview Group is considering selling over 300 pieces of artwork valued at more than HK$200 million to help pay down debt and secure a refinancing deal for a significant loan.
