HNA divesting property developer unit for 6 mln

Updated 2018-05-03 15:43:20

HNA Group is selling a real-estate focused unit for 2.9 billion yuan (6 million), the company said in a regulatory filing on Wednesday, amid a broader divestment program by the debt-laden conglomerate as it looks to raise funds.

HNA Investment Group Co will sell a subsidiary focused on property assets to developer Fusheng Group, HNA said in a filing to the Shenzhen Stock Exchange, booking a 400 million yuan gain.

HNA has been unloading billions of dollars of assets after a billion acquisition drive over two years turned a spotlight on its opaque ownership and aggressive use of leverage. HNA has since seen some pending deals collapse.

HNA has also faced issues with regulators in several countries, concerned about its ownership structure. Capital control restrictions placed by Chinese regulators in recent years have also hit HNA's deal activity.

Earlier this week HNA dropped its bid for most of SkyBridge Capital, a hedge fund investment firm founded by US President Donald Trump's former aide Anthony Scaramucci, as the deal had been stuck with US regulators for over a year.

Since the start of 2018, HNA has agreed to sell more than billion worth of real estate in Australia, New York and Hong Kong, along with shares in Deutsche Bank AG and Hilton Worldwide Holdings Inc.

HNA Group's 2017 revenue rose by more than 200 percent to 594 billion yuan while net profit rose 80.4 percent to 2.63 billion yuan, the company said in filings late last week. Its debt levels and borrowing costs have, however, also risen fast.

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