HNA sells its last plot near HK's former Kai Tak airport to Wheelock
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HNA Group, the debt-laden Chinese conglomerate on a selling spree, agreed to dispose of its last plot of land near Hong Kong's former Kai Tak airport, ending ambitions for a massive residential project in the world's most expensive property market.
A unit of Wheelock & Co agreed to buy the land from HNA's Hong Kong International Construction Investment Management Group for HK$3.9 billion (S$672.5 million), assuming debt of HK$3 billion, according to a filing on the Hong Kong Stock Exchange last Friday.
The firm sold three other plots of land in Kai Tak for about HK$22.3 billion.
Together with the last parcel, the total sale represents HNA's second-biggest disposal in a more than US$20 billion selloff after the group's debts spiralled out of control.
The project, originally spanning 400,000 square feet, symbolised an era when the conglomerate was splurging on everything from over-the-top parties in French museums to some of the most expensive homes in Manhattan, even though borrowing costs were soaring.
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HNA bought its land near the former airport, which has been closed for two decades, from late 2016 to early 2017, paying a total of HK$27 billion.
It sold the other plots of land to Henderson Land Development and Wheelock. The company still owns some large historical mansions in Hong Kong. BLOOMBERG
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