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China's HNA plans to sell $11 billion property asset

10/10/2018| 11:57:57 AM| 中文

The aviation-to-hotels conglomerate has in 2018 sold real estate, and stakes in overseas companies after a $50 billion acquisition spree in recent years.

Chinese conglomerate HNA Group has put property assets worth at least USD 11 billion (€9.6bn), up for sale - accelerating a push to cut its large debt and restructure.

Two sets of documents reviewed by Reuters listed more than 80 assets that HNA has either put up for sale or intends to sell, including hotels, commercial and residential buildings. They are mostly within China, with the bulk of them located in Hainan Island, where HNA is based,

Under pressure from Beijing, the aviation-to-hotels conglomerate has in 2018 sold real estate, and stakes in overseas companies after a USD 50 billion acquisition spree in recent years.

An HNA spokeswoman declined to comment. The sources declined to be identified as they were not authorised to speak to the media.

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TAGS: HNA
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