HNA sells 75.1% stake in 18-story Beijing commercial office asset

Hainan Airlines, a subsidiary of Chinese real estate company HNA Group, has sold its remaining 75.1 percent stake in Beijing HNA Plaza, an 18-story, two-building commercial complex in Beijing, to real estate developer China Vanke, for RMB 1.304 billion ($190 million).

The deal is the latest in a series of asset sales by HNA since 2017, in an effort to alleviate debt.

The sale comes less than a year after HNA first signed and later rejected an agreement to sell the property to Vanke for RMB 1.29 billion ($187 million), according to Mingtiandi, an Asian news source.

Then last month, Vanke agreed to pay RMB 430 million ($62 million) for the 24.90 percent of the asset from HNA, holding the asset at approximately RMB 1.75 ($.25) per share.

Vanke is now paying a total of RMB 1.73 billion ($251 million) to assume full ownership of the asset, according to media sources.

The building was acquired by Hainan Airlines in 2008 and serves as the headqua