HNA Group sells Hong Kong residential plot for $878m

The listed unit of HNA Group, Hong Kong International Construction Investment Management Group, has sold a residential plot to Wheelock for HK$6.89 billion ($878.01 million).

The plot totals 9,842 square meters (102,063 square feet) and is located in Kowloon East.

The local developer also agreed to take over HK$2.98 billion ($380 million) in outstanding bank loans associated with the residential project. The project will consist 51,202 square meters (551,134 square feet).

HNA Group informed its shareholders that it anticipates recording a before-tax loss of HK$740 million ($94 million). As of Dec. 31, an independent valuer is said to have valued the project, which is currently under construction, at HK$7.48 billion ($950 million).

In its statement HNA stated, “having assessed the prospects of developing the property, the market competition and the associated costs, efforts and risks involved in the development of the property, the board considers that t