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HNA Group sells Hong Kong lands to address cash crunch

Hainan Airlines, the largest civilian-run air transport company, as well as the fourth-largest airline in Asia in terms of passengers carried, plans to sell two land parcels in Hong Kong to a local property developer for HK$15.96 billion (US$2.04 billion), as the company seeks to address a liquidity issue, Yicai.com reported.

HNA acquired the properties, which are for non-industrial and residential use in the Kai Tak area, Hong Kong’s old airport, in 2016, at a price of HK$14.25 billion. The pending sale to Henderson Land Development represents a premium of about 12%.

At the end of January, the Group announced it would sell its One York office building located in Sydney, for a price of AU$205 million. It was the first sale of the company’s overseas assets, bringing it earnings of about AU$88 million.

Tan Xiangdong, CEO of the Group, said at the end of last year that they were considering selling more assets, including some real estate projects in New York, Sydney and Hong Kong.

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