For China's HNA, happiness is a warm HK property market

Hong Kong

WHAT goes up must come down. What goes up fast must come down even faster. Except Hong Kong property, perhaps.

The breakneck growth of China's private-sector conglomerates has gone into reverse as authorities recoil at the buildup of debt their overseas shopping sprees have caused.

The degree of pain inflicted by that great unwinding depends on the assets being sold. Those that put their money into Hong Kong real estate look to be faring best.

HNA Group is selling two pieces of land at the former Kai Tak airport to Hong Kong-based Henderson Land Dev…