HNA targets $16b in asset sales in 1H

China-based HNA Group told creditors it would seek to sell about 100 billion yuan ($16 billion) of assets during the first half of the year, according to Bloomberg.

Under the proposal, about 80 percent of that would be executed in the second quarter.

The Chinese conglomerate, which is involved in numerous industries including real estate, reportedly is struggling with billions of dollars of debt; The New York Times estimated the amount to be $90 billion. The disposals have begun.