Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
Forget About 5G, China Says. We’re Already Developing 6G
Alibaba Sued by Home Appliance Maker Over E-Commerce Marketing
WeChat Pay Eyes Foreign Visitors in Race with Alipay
LATEST
Tencent Profits Drop 13% in 3rd Quarter
Bytedance’s News App Disciplined for ‘Slandering’ Communist Hero
Didi Apologizes After Driver Allegedly Stabs Angry Passenger
Huya Posts Solid Third-Quarter Growth as User Base Expands
Kingsoft Office Targets $660 Million as It Moves Toward Listing on New Shanghai Tech Board
Expanding Central Bank Campaign Imposes More Fines for Money Laundering
Investors Applaud SMIC and YY, Shun Huami After Latest Earnings Reports
China Sets PM2.5 Goals for Yangtze River Delta and Fenwei Plain Regions
Is Didi Next in Line for Valuation Correction?
Challenging Tesla, Chinese Property Giant Vows to Unveil First Electric Car Next Year
Two Persons Diagnosed With Pneumonic Plague in Beijing
Huawei Hands Out Billions in Bonuses for Staff Response to Sanctions
Tencent Marks Anniversary by Touting Its Tech as Good for Society
Xiaomi Maintains Lead in India Handset Market, but Chinese Rivals Pose Growing Threat
China to Launch Mobile Number Portability Program on Dec. 1
China’s Pork Prices Rose 101% Year-on-Year in October
In Depth: Is the Sharing Economy Bubble Bursting?
After Double 11 Smashes Shopping Records, What Next for China’s E-Commerce Giants?
China ‘Confident’ That Brazil Will Let Huawei Build Its 5G Mobile Network
Gree to Invest $290 Million in Another Chipmaker
HNA Asset Fire Sale Blazes on With Beijing Office Building Disposal

By Huang Rong and Yang Ge / Jul 08, 2019 12:49 PM / Business & Tech

Photo: VCG

Photo: VCG

Another asset bites the dust.

That’s the word coming from embattled conglomerate HNA, which has announced its disposal of yet another major asset in its long march to pay down debt from a years-long multibillion-dollar buying spree. This time it’s an office building that’s home to the company’s flagship Hainan Airlines Beijing operations that’s been put on the block.

HNA said it’s selling its 75% stake in the building to a unit of Vanke, one of China’s top real estate developers, for 1.3 billion yuan ($189 million). This latest sale comes after HNA said last month it would sell 25% of the building to Vanke for 430 million yuan. All that means HNA will end up raising around 1.7 billion yuan in total from its sale of the building.

The company has become a poster child for a group of Chinese conglomerates that embarked on debt-fueled acquisition sprees dating back to the last six or seven years. A two-year-old crackdown by Beijing on high debt has forced many of those same buyers to start selling off their assets.

HNA was among the most aggressive buyers during the acquisition period, and has become one of the most aggressive sellers now. In one of its most recent disposals, the company earlier this year sold off its stake in Guangdong-based brokerage Lianxun Securities. It’s also reportedly looking to sell Ingram Micro, the U.S. computer component distributor it acquired for $7.5 billion in 2016.

Related: HNA’s Latest Asset Sale Attracts U.S., Indian Bidders: Source

Share this article
Open WeChat and scan the QR code