HNA subsidiary nets US$310 mln in Hainan Island deal
Sunac China scoops up valuable properties as debt-laden HNA Group is forced to sell domestic real estate companies
After selling three valuable pieces of land in Hong Kong, debt-plagued Chinese conglomerate HNA Group has now begun selling domestic real estate companies, Yicai.com reported.
HNA Infrastructure Investment Group Co. Ltd. said on Monday that it plans to sell its property and logistics units in Hainan Island to real estate developer Sunac China for 1.933 billion yuan (US$310 million).
The property unit was purchased at a price of 1.136 billion yuan, which is a premium of about 429 million yuan compared to the book value.
The HNA Group subsidiary also said the sale of its logistics unit is expected to add 287 million yuan in investment income and a net profit of 215 million yuan.
Prior to this, Sunac repeatedly snapped up assets disposed by companies with difficulties, including a 15 billion yuan investment in LeEco and a 63 billion yuan deal with Dalian Wanda for 13 cultural and tourism projects and 76 hotels.