HNA has agreed to sell two Hong Kong land parcels to developer Henderson Land for almost HK$16bn ($2bn), granting the indebted Chinese conglomerate a much sought-after cash infusion.
HNA subsidiary Hong Kong International Construction Investment Management Group said in a stock exchange filing on Tuesday that total consideration for the disposal of its entire interests in Sky Hero and Total Thrive, both located at Hong Kong’s famous former airport zone of Kai Tak, would be HK$15.8bn.
HNA had paid an above market rate price of HK$14.2bn for the two land parcels through government tenders in late 2016.
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