HNA mulls selling assets amid mounting pressure from Chinese government

Company pumped $45B into global investments

TRD New York /
Nov.November 28, 2017 04:05 PM

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.

“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 


Related Articles

arrow_forward_ios
Federal Reserve Chairman Jerome Powell (Getty)

Real estate stocks benefit from second quarter rally

Real estate stocks benefit from second quarter rally
The Seagram Building at 375 Park Avenue with a photo illustration of RFR's Aby Rosen (Getty, Google, iStock)

Aby Rosen to build sprawling gym in Seagram Building

Aby Rosen to build sprawling gym in Seagram Building
Square Mile Capital’s Craig Solomon and Hackman Capital Partner's Michael Hackman with Silvercup Studios at 42-22 22nd Street in Long Island City (Hackman; AAK via Wikipedia Commons)

Hackman, Square Mile in talks to buy Silvercup Studios

Hackman, Square Mile in talks to buy Silvercup Studios
A photo illustration of Quora CEO Adam D'Angelo from a scene in the film The Matrix (Warner Bros./Village Roadshow Pictures; Quora)

“Our HQ will be in the cloud”: What if remote-first work is an opportunity, not a compromise?

“Our HQ will be in the cloud”: What if remote-first work is an opportunity, not a compromise?
From left: Onay Payne, Jim Simmons, Margaret Anadu and Tammy Jones (Payne by Emily Assiran)

‘Your pedigree is always questioned’: Black real estate execs push for change

‘Your pedigree is always questioned’: Black real estate execs push for change
McDonald’s on 220 West 42nd Street (Getty, iStock)

McDonald’s closes Times Square flagship

McDonald’s closes Times Square flagship
William Millichap

William Millichap of eponymous brokerage dies at 76

William Millichap of eponymous brokerage dies at 76
Valentino store on Fifth Avenue and Valentino CEO Jacopo Venturini (Valentino, Nick Hunt/Patrick McMullan via Getty Images) 

Valentino sues to quit Fifth Ave — maybe forever

Valentino sues to quit Fifth Ave — maybe forever
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...