HNA sells property and logistics assets to Chinese tycoon Sun Hongbin for US$305 million
Sun Hongbin, chairman of Sunac China, has previously bought billions of yuan of assets from troubled Chinese tech company LeEco and Dalian Wanda
HNA Infrastructure Investment, a listed unit of HNA Group, said on Monday evening that it would transfer its entire holdings in two companies to a subsidiary of Sunac China, which is controlled by Chinese tycoon Sun Hongbin, for a combined 1.93 billion yuan (US$305 million).
HNA Group has been rushing to sell its assets to pay down debt as Chinese authorities tighten the screws on overseas investment and acquisition sprees by domestic corporate heavyweights. Its peers, such as Dalian Wanda Group, Anbang Insurance Group, and Fosun Group, have also come under scrutiny since last year.
A unit of HNA Infrastructure Investment plans to sell its 100 per cent stake in Hainan Gaohe Property Development to Hainan Sunac Chang Sheng Estates (HSCSE) for about 1.13 billion yuan, according to a filing to the Shanghai Stock Exchange.
In a separate filing, HNA Infrastructure Investment said the same unit will also sell its 100 per cent stake in Hainan Haidao Construction Logistics to HSCSE for about 797 million yuan.
The final sale amounts are subject to a due diligence, HNA Infrastructure Investment added.
“The deals will help the company to integrate its resources, optimise asset structure, drive strategic transformation, accelerate its basic infrastructure investment and construction business, and boost overall profitability,” HNA Infrastructure Investment said.