China’s HNA to sell U.S. properties worth $4 billion: Bloomberg


(Reuters) – China’s aviation-to-financial services conglomerate HNA Group Co [HNAIRC.UL] is putting up for sale commercial properties worth $4 billion in New York, Chicago, San Francisco and Minneapolis, in efforts to avert a liquidity crunch, Bloomberg reported. The properties for sale include 245 Park Ave., Bloomberg reported on Thursday, citing a marketing document. HNA was not immediately available for comment. The company has made a big number of mergers amid a slowing Chinese economy that has impacted its access to new financing, and led to liquidity problems, Chairman Chen Feng told Reuters last month. HNA’s financing troubles have been exacerbated by regulatory investigations in multiple countries after the group announced changes to its shareholding structure last year. Chief Executive Officer Adam Tan said in November that the company was selling some real estate and other assets to improve liquidity and comply with national policy. Reporting by Sanjana Shivdas in Bengaluru; Editing by Maju SamuelOur Standards:The Thomson Reuters Trust Principles.
Source: Reuters