(Yicai Global) Oct. 12 -- Cash-strapped HNA Group is selling its overseas assets as well as looking for buyers for its domestic assets.
HNA is looking for buyers for nine oversea projects, state-backed reported an internal document at the Haikou-based firm as saying.
The projects include the Reuters’ building in London, as well as three Tishman Speyer Properties’ locations in New York the Cassa Hotel also in New York, the St. Regis Hotel in Tahiti, as well as the Tangla Hotel in Brussels and the Credit Suisse building.
The company has suffered cash flow problems since the start of the year following a merger and acquisition binge, HNA’s chairman Chen Feng said. Its financing ability has also taken a hit from the Chinese economy’s shift from rapid to moderate growth, he added. The firm has frequently shed its global assets since the new year, jettisoning properties in London, New York, San Francisco, Melbourne, Bora Bora and Brussels, per the report.
HNA is also selling four projects in the CBD project in Haikou, capital of China’s southern island province of Hainan, none of which have yet broken ground. One has not even been appraised, while the value of the rest is projected at CNY2.1 billion.
Editors: William Clegg