Business
13:47, 13-Feb-2018
HNA unit to sell two Hong Kong sites to Henderson Land for $2 billion
["china"]
Share
Copied
Hong Kong International Construction Investment Management (HKICIM) Group Co Ltd is selling two Hong Kong sites to Henderson Land Development Co Ltd for 16 billion Hong Kong dollars (two billion US dollars), the unit of troubled HNA Group said in a statement to the stock exchange on Tuesday.
Completion of the deal for the two pieces of land at Hong Kong’s Kai Tak area was expected to be completed on Feb. 14, HKICIM Group said.
CGTN screenshot of HKICIM's statement
CGTN screenshot of HKICIM's statement
Through its subsidiaries, HNA Holding Group had paid about 14.2 billion Hong Kong dollars for the land in Kai Tak in late 2016.
HNA Group has been also looking to sell off four billion US dollars’ worth of property in the US, as its debt problems continue following a spectacular fall from grace.
According to Reuters, HNA Group spent 50 billion US dollars on overseas assets in the last three years, in at least 80 merger and acquisition deals which included significant stakes in the Hilton hotel group and Deutsche Bank.
HNA co-founder and chairman Chen Feng told Xinhua that the company was facing liquidity problems, but was optimistic the conglomerate could overcome the problem and continue to get support from banks and other financial institutions.