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BUSINESS & TECH

HNA’s Debt Battle Continues With Hong Kong Land Sale, Xinjiang Investment

Urumqi Air, a regional airline controlled by HNA’s Hainan Airlines, will receive at least 450 million yuan ($67.6 million) in a capital boost from the investment arm of the local government in Urumqi, capital of the Xinjiang Uygur autonomous region. Photo: VCG
Urumqi Air, a regional airline controlled by HNA’s Hainan Airlines, will receive at least 450 million yuan ($67.6 million) in a capital boost from the investment arm of the local government in Urumqi, capital of the Xinjiang Uygur autonomous region. Photo: VCG

HNA Group’s struggle to pay off its debts continues, with the Chinese conglomerate this week announcing a major Hong Kong land sale and an investment deal with a local government in Xinjiang.

Omnilink Assets Ltd., a unit of HNA’s Hong Kong subsidiary Hong Kong International Construction Investment Management Group Co. Ltd. (HKICIM), will sell a 7,318-square-meter (78,770-square-foot) plot of residential land in Kowloon, Hong Kong, to local developer Wheelock and Co. Ltd. for HK$6.4 billion ($825 million), Wheelock said in a stock exchange filing Thursday.

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