HNA Sells Two Plots for USD2 Billion in Its Global Bridgehead Hong Kong
Liao Shumin
/SOURCE : Yicai
HNA Sells Two Plots for USD2 Billion in Its Global Bridgehead Hong Kong

(Yicai Global) Feb. 13 -- After Hong Kong International Construction Investment Management Group Co. [HKG:0687] listed in Hong Kong it confirmed HNA's rumored plan to sell its land in Kai Tak.

A unit of HNA Group, the firm issued a statement saying it will sell the No. 6565 and No. 6562 plots Kai Tak Henderson Land Development Co. previously acquired for HKD16 billion (USD2 billion), with the deal to close tomorrow. Lee Shau Kee is the founder of Henderson Land Development and a Hong Kong billionaire as famous as Li Ka-shing.

The assets it sold to Henderson Land Development are two tracts HNA acquired for around HKD14 billion as its first step in Hong Kong. After overtaking 19 rivals, including Li Ka-shing's Cheung Kong Holdings Ltd., HNA got one of the plots for HKD81 billion in November 2016, with a unit floor price 87 percent higher than market expectations and a price 1.2 times higher than that of another parcel sold in the same area two years before, which also hit a new high for East Kowloon. HNA also acquired another tract for HKD5.4 billion that December.

HNA believes that ever more major enterprises will set their global strategies with Hong Kong as their beachhead and is thus optimistic about the region's future potential, it said.

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Keywords: HNA GROUP , Hong Kong