HNA's Hong Kong property arm hits near 4-week high, eyes sale of land

[BENGALURU] Shares of Hong Kong International Construction Investment Management Group Co Ltd rise as much as 2.5 per cent to HK$2.43, their highest since Jan 2, after the Hong Kong property arm of HNA Group says it's in talks to sell land site in the city

Last week, Chinese conglomerate HNA Group said it had sold a majority stake in a Manhattan building in a US$422 million deal, the latest in a slew of asset disposals undertaken by the group to ease an intensifying cash crunch

The Hong Kong-listed arm says it is in discussion with a potential buyer for sale of a parcel of land at Kai Tak in Kowloon, but no legally-binding sale and purchase agreement has yet been entered.

Hong Kong International Construction Investment Management Group has underperformed the Hang Seng Commerce & Industry Index sector by 9.5 percentage points in the past one month.

The Hong Kong property sub-index gains 0.4 per cent, and the benchmark index climbs 0.7 per cent.

REUTERS