(Yicai Global) March 5 -- Chinese conglomerate HNA Group Co. plans to sell off shares in Park Hotels & Resorts Inc., a real estate investment trust which owns a string of Hilton properties, as it looks to divest its overseas assets to fall in line with China's more stringent overseas spending policies.

HNA will sell some or all of its 25-percent stake in Park, which is worth about USD1.4 billion, the Hilton spinoff said in a filing. The sale would include at least one public share offering but market circumstances and other factors will determine the specific schedule, it added.

Tan Xiangdong, HNA's chief executive, said at the end of last year that the group was considering selling assets to better comply with Chinese policies that sought to clamp down on "irrational" overseas spending. It had already plowed through USD50 billion as part of an international shopping spree, but Tan pledged to sell off assets, such as real estate in New York, Sydney and Hong Kong, to fall in line with the new regulations.

HNA purchased a quarter of Hilton Hotels & Resorts for USD6.5 billion in early 2016. After the company spun off two units, Hilton Grand Vacations Inc. and Park, HNA was granted a 25-percent stake each firm.