HNA Group looks to unload $11B in assets amid continued selloff

Among the properties is 850 Third Avenue, as the debt-ridden Chinese conglomerate works to balance its books

Oct.October 09, 2018 01:30 PM

HNA Group Chairman Chen Feng and 850 Third Avenue (Credit: Wikipedia and 850 Third Avenue)

Troubled Chinese conglomerate HNA Group is selling off another $11 billion in assets in its latest move to steady the ship.

Included is New York’s 850 Third Avenue, though most of the 80 total are in China, according to Reuters.

HNA bought the office building in 2016 for $463 million and secured a $342 million refinancing loan for it in June.

The buildings for sale were listed in two documents sent to prospective investors in August, and it’s not clear how many have already been sold. One set of documents listed 23 of the buildings with targeted sales in 2019.

The selloff is a result of mounting pressure from creditors and Chinese regulators. HNA has already sold or agreed to sell around $20 billion in assets since January. The company’s debt was listed at $95 billion through June, which was down 10.7 percent from the end of 2017, according to Reuters.

Earlier this year, HNA sold off a stake in Deutsche Bank and listed a stake in Hilton spinoff Park Hotels & resorts. In September, HNA gave up 80,000 square feet of prime Hong Kong office space that it never moved into but rented for $1.5 million a month.

HNA is led by chairman Chen Feng and has a highly diversified business. [Reuters] — Dennis Lynch 

Related Articles


Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Joel Schreiber (Credit: Shir Stein and Wikipedia)

WeWork’s first investor used his stock as collateral. Now his lenders are suing him

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

163 North 6th Street and the Tel Aviv Stock Exchange Bull (Credit: Google Maps, Wikipedia)

Joel Gluck’s Israeli bond issuance falls through as Williamsburg rental project faces financing crunch

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

NYC’s foreign investment landscape in the era of trade wars and heightened nationalism