HNA Group sells prime waterfront office tower in Shanghai for $509m
HNA Group has completed the sale of a 20-story office tower in Shanghai for 3.6 billion yuan ($509 million).
The new owner is China Cinda Asset Management.
Located at 898 Puming Road, the 87,395-square-meter (940,71- square-foot) building near the site of the city’s 2010 Expo was originally developed by HNA and opened in 2014.
The sale is part of the firm’s efforts to reduce its debt. The sale comes after the Hainan provincial government, China’s civil aviation administrator and policy lender China Development Bank formed a special task force in late February to help HNA Group manage its liquidity.