Sunac buys up HNA Group’s assets a second time
Target firm developed Wanghai Science and Technology Square in Haikou city, the former headquarters of HNA Group
Sunac, a major Chinese property developer, has once again taken over a project involving HNA Group in Hainan province, The Paper reported.
Hainan Island Hangxiang Investment Development Co. Ltd. has changed its controlling shareholder from the HNA Property Group to a Hainan-based real estate subsidiary of Sunac.
The target company developed Wanghai Science and Technology Square in Haikou city in Hainan, where HNA Group formerly held its headquarters.
The old HNA building was demolished and the plan is to rebuild the new Wanghai Square on the original site.
It is the second time for Sunac to purchase assets from HNA Group.
Previously in March, HNA Property Group sold 100% equity in another Hainan-based real estate subsidiary, as well as a logistics company to Sunac in a 1.933 billion yuan deal.