(Yicai Global) Aug.17 -- Following its purchase of two Hainan-based subsidiaries of HNA Group on March 12, Chinese property developer Sunac China Holdings has taken over yet another asset of HNA Group in Hainan province.
Hainan Real Estate Group, a unit of gargantuan property developer HNA Group, has transferred 100 percent of its shares in Hainan Island Hangxiang Investment Development to Sunac China subsidiary Hainan Sunac Jiye Real Estate, state news portal The Paper reported.
HNA Group and Sunac China failed to disclose the specific value of the deal, however.
The project under development by Hainan Island Hangxiang Investment Development -- Wanghai Science and Technology Square -- isprecisely where Tianjin-based HNA Group formerly had its headquarters when it was called the HNA building, public data show. After the old building’s demolition in 2012, the same site is now under reconstruction.
Sunac China also bought a Hainan-based real estate development company and a logistics company from HNA Group subsidiary Hainan Real Estate Group for CNY1.9 billion (USD280 million) on March 12.
HNA Group has been frantically shedding its assets since the start of the year. It successively sold Hilton Grand Vacations Club, Hilton Worldwide Holdings and others from March to April and the Radisson Holdings it controlled to the hotel giant Shanghai Jin Jiang International Hotels Group on Aug. 9.
The company has been selling billions of dollars worth of assets to survive following the accidental death of Wang Jian, its co-chairman, in France last month.
Among China’s most indebted companies,HNA is in the midst of an emergency restructuring. China’s top leaders have reportedly promised tobail out the firm, which was unable to earn sufficient profits last year to service its massive debts.
Fortune Global's 500 list ranked HNA Group 170th last year with revenue of USD53.33 billion.
Editor: Ben Armour