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Bloomberg

HNA Group sold a building in Manhattan to help ease the embattled conglomerate’s debts and stave off US concerns about a Chinese company owning property near Trump Tower.
HNA completed the sale, the group said in a statement, without providing details.
Bisnow reported earlier that investor and real estate developer Jacob Chetrit and his sons bought the tower in a US$422 million transaction that resulted in a loss for HNA.
HNA’s US$41 million loss the latest price paid for US-China tensions
The Chinese company, which bought the tower for US$463 million with its partners before Donald Trump became president, had been trying to sell the property since at least early 2018.

Hainan-based HNA owned 90 per cent of the tower, with minority partners MHP Real Estate Services and Atco Properties & Management owning the rest.
“We look forward to working with and providing more opportunities to our friends, Jacob Chetrit and his sons Michael and Simon,” MHP’s president and chief executive officer, David Sturner, said in an emailed statement. “We are thrilled to have sold this notable asset to a well-respected and established family in the NYC real estate arena.”
The sale adds to the more than US$20 billion in disposals that HNA has agreed to since last year – including real estate holdings from San Francisco to Minneapolis – to reduce its massive debts.
HNA sells Shanghai tower space to CapitaLand for US$400 million
But the Manhattan building stood out because of the national-security concerns associated with the tower.
The sale also comes amid simmering tensions between the US and China’s government, which last year was said to have decided to help HNA, the largest foreign buyer of US office buildings in 2017, pull itself out of chronic liquidity challenges.
The sale to a US buyer is likely to satisfy concerns from the Committee on Foreign Investment in the US regarding HNA’s ownership of the building, which houses one of only two police precincts that are within a mile of Trump Tower, the president’s base when he is in New York.


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HNA Group

China’s HNA Group sells Manhattan building near Trump Tower amid national security concerns

Pedestrians pass in front of Trump Tower in New York, U.S., on Wednesday, Dec. 19, 2018. In late November, Special Counsel Robert Mueller secured a guilty plea from Michael Cohen, Trump's former lawyer and personal fixer. That plea deal revealed that Trump was involved in trying to build a Trump tower in Moscow until at least June 2016, even though he had said publicly that he had no business dealings in Russia. Photographer: Allison Joyce/Bloomberg 

An image of 850 Third Avenue in Manhattan, which houses both the New York headquarters of HNA and the police precinct tasked with taking care of Trump Tower, which is a short walk away. Photo: Google Street View

Debt-laden conglomerate HNA sells space in Shanghai tower to Singapore’s CapitaLand for US$400 million

Lujiazui, Shanghai’s central business district. The deal for Pufa Tower is CapitaLand’s first foray in the area. Photo: Bloomberg

HNA Group sues company linked to subsidiary Hong Kong Airlines for more than HK$850 million as bad news piles up for struggling carrier

Hong Kong Airlines is the city’s third-largest carrier. Photo: Airbus

Details of the Hongkong Airlines' first A350-900. Photo: Airbus.

FILE PHOTO: A HNA Group logo is seen on the building of HNA Plaza in Beijing, China February 9, 2018. REUTERS/Jason Lee/File Photo

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Real-estate news site Bisnow reported earlier that developer Jacob Chetrit and his sons bought the tower in a US$422 million transaction that resulted in a loss


The Chinese company, which bought the tower for US$463 million with its partners before Donald Trump became president, had been trying to sell the property since at least early 2018.


US-China trade war

US-China trade war: All stories

China’s HNA Group sells Manhattan building near Trump Tower amid national security concerns

.css-1mniedq{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;}Real-estate news site Bisnow reported earlier that developer Jacob Chetrit and his sons bought the tower in a US$422 million transaction that resulted in a loss

Real-estate news site Bisnow reported earlier that developer Jacob Chetrit and his sons bought the tower in a US$422 million transaction that resulted in a loss