(Yicai Global) March 13 -- Hainan HNA Infrastructure Investment Group Co. unit Hainan Real Estate Group Co. intends to sell two companies to Hainan Sunac Changsheng Real Estate Co. for a total of CNY1.94 billion (USD306 million), the former said yesterday.

Hainan Real Estate will sell a 100-percent stake in Hainan Island Construction Logistics Co. for CNY797 million and in Hainan Gaohe Property Development Co. for CNY1.14 billion. Hainan Sunac Changsheng's actual controller is Sunac China Holdings Ltd.

The transaction represents reasonable adjustments made under HNA Infrastructure's actual operating circumstances and will help the company pool its resources, optimize its asset structure and further its strategic transformation, per the announcement.

The deal will also yield the company a windfall of CNY287 million and net profit of CNY215 million. Billed as 'China's Hawaii,' the southernmost island province of Hainan has experienced a tourism-driven speculative real estate boom in recent decades that has threatened to turn into a bubble.