search

The Real Deal Logo

Trending

Billionaire hedge funder Larry Robbins makes South Florida moveBillionaire hedge funder Larry Robbins makes South Florida moveChavin surrenders Loop office-to-resi play with deed-in-lieu of foreclosureChavin surrenders Loop office-to-resi play with deed-in-lieu of foreclosure“I wouldn’t use it, I would just lock the door”: Landlords pan new rehab law“I wouldn’t use it, I would just lock the door”: Landlords pan new rehab lawHousing deal finally passes; here are the detailsHousing deal finally passes; here are the details
China Watch Page
New York

HNA mulls selling assets amid mounting pressure from Chinese government

Company pumped $45B into global investments

HNA Group CEO Adam Tan
HNA Group CEO Adam Tan

HNA Group may shed its assets as pressure mounts from the Chinese government to limit the amount of capital flowing out of the country.

The announcement comes after HNA pumped some $45 billion into global investments over the last three years. Adam Tan, CEO of HNA Group, told reporters on Tuesday that he was considering selling buildings and holdings in industries restricted by the Chinese government, Bloomberg reported.

Sign Up for the undefined Newsletter

“If some sectors are now restricted by government, I will consider selling assets I bought in these sectors,” Tan said. “We will not invest in anything the government does not support.”

Asset sales would help HNA pay off more than $100 billion in debt. The Real Deal reported in September that HNA was close to selling its stake in 1180 Sixth Avenue to Nightingale Properties for $320 million. In July, HNA halted merger and acquisition deals as Chinese officials investigated five major international investors in the country.

The company’s other New York City holdings include 245 Park Avenue, which it bought for a whopping $2.2 billion in May, and 850 Third Avenue, which it owns with MHP Real Estate Services. [Bloomberg] — Kathryn Brenzel 

Tags
Chinese BuyersCommercial Real EstateHNA Group