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HNA Group to sell Chinese properties, amid debt struggles

Property Markets / Transactions

Australia

Mar 22 2018

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HNA Group Co will sell a number of its properties as it struggles to repay debts, according to sources. 

It is understood the sale would include Shanghai HNA Tower, Shanghai Yangtze International Enterprise Plaza and Renaissance Shanghai Pudong Hotel, and have a combined book value of about 14 billion yuan ($2.2 billion). 

If true, the sales would add around $13 billion in asset sales, following a buying spree over several years, which has left the group in unmanageable debt. 

It’s been suggested that HNA has targeted 100 billion yuan in asset disposals by the first half of the year.

The group has disposed of billions of dollars of properties outside of China, and has sold or plans to sell stakes in Park Hotels & Resorts Inc., Hilton Grand Vacations Inc., NH Hotel Group SA and Red Lion Hotels Corp. 

It's also planning initial public offerings for Gategroup Holdings AG and Swissport International AG.

This follows earlier reports that HNA was selling 245 Park Ave, a skyscraper it bought for $US2.21 billion, along with 850 Third Ave in Manhattan and 123 Mission St in San Francisco. 

In January, HNA said it would sell 1 York Street, in Sydney for $205 million. 

HNA has not commented on the reports. 

Photo by ben o'bro on Unsplash

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