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.
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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