M&A

HNA Sells Two Property Firms to Sunac for $300 Million

A view of the HNA Group's Beijing building. Photo: VCG

In its latest move to divest its assets, debt-ridden Chinese conglomerate HNA Group Co. is selling two real estate-related companies on tropical Hainan Island to Sunac China for a total of 1.93 billion yuan ($304.9 million).

The company’s listed unit, HNA Infrastructure Investment Group Co. Ltd., said in a filing to the Shanghai Stock Exchange late Monday that it plans to sell Hainan Gaohe Property Development and Hainan Haidao Construction Logistics to Sunac China, one of the country’s largest developers.

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