HNA sells Hong Kong sites to Henderson Land for $2.2b

HNA Group subsidiary Hong Kong International Construction Investment Management Group Co. has sold two residential parcels in Hong Kong for $2.17 billion to Henderson Land Development Co.

The two plots are at the site of Hong Kong’s former airport in Kai Tak.

The seller purchased the sites in 2016 for approximately $1.79 billion.

HNA has raised more than $5 billion in less than a week, according to Mingtiandi. The sales are part of the firm’s efforts of cut its debt to regain financial stability following a two-year, $50 billion acquisition spree. In January, HNA reportedly told creditors that it is facing a liquidity shortage of at least RMB15 billion ($2.4 billion) as it approached a deadline to repay debts. The company has approximately RMB65 billion ($10 billion) in debt which is due in the first quarter.