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BUSINESS & TECH

HNA Dumps Latest Mega-Asset in Ongoing Fire Sale

Avolon Aerospace Leasing CEO Domhnal Slattery attends the 52nd Paris Air Show on June 20, 2017. Photo: VCG.
Avolon Aerospace Leasing CEO Domhnal Slattery attends the 52nd Paris Air Show on June 20, 2017. Photo: VCG.

HNA Group is selling a 30% stake in its aircraft lessor unit Avolon Holdings Ltd., as the conglomerate continues to reduce its massive debt load following a years-long global buying spree.

Its Shenzhen-listed unit, Bohai Capital Holding Co. Ltd., has agreed to sell the holdings to Orix Aviation Systems Ltd., a subsidiary of Japanese financial services group Orix Corp., for $2.2 billion, Avolon said in a company statement on Wednesday. The deal is expected to be completed by the fourth quarter this year.

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