Chinese conglomerate HNA Group is reportedly selling $11bn in property assets, according to Reuters, as part of a move to cut debt and restructure its finance. The firm is believed to be considering disposals of more than 80 assets, including hotels, residential developments and commercial sites, mostly in China. State pressure contributed to HNA selling assets 2017, after it spent $50bn on acquisitions. It has put $20bn of assets up for sale so far. The company’s total debt in H1 2018 was estimated at CNY657.42bn ($131.59bn), a fall of more than 10% compared to this year.
Chinese conglomerate HNA Group is reportedly selling $11bn in property assets, according to Reuters, as part of a move to cut debt and restructure its finance. The firm is believed to be considering disposals of more than 80 assets, including hotels, residential developments and commercial sites, mostly in China. State pressure contributed to HNA selling assets this year, after it spent $50bn on acquisitions. It has put $20bn of assets up for sale so far. The company’s total debt in H1 2018 was estimated at CNY657.42bn ($131.59bn), a fall of more than 10% compared to 2017.