HNA drops $300M defamation suit against exiled Chinese real estate billionaire

Guo Wengui, who said the conglomerate was run by a member of China's Communist Party, is living at the Sherry Netherland

New York /
Mar.March 06, 2019 09:30 AM

HNA Chairman Chen Feng (inset) and Guo Wengui at his penthouse apartment in the Sherry Netherland (Credit: World Travel and Tourism Council via Flickr and Getty Images)

HNA has dropped a $300 million defamation lawsuit against Chinese businessman Guo Wengui, dismissing it as a distraction to the company.

Guo, the exiled real estate billionaire who lives at the Sherry Netherland in New York, has claimed that a member of China’s Communist party, Wang Qishan, holds a shadow stake in the conglomerate through his nephew, Yao Qing.

The Sherry Netherland at 781 5th Avenue (Credit: Wikipedia)

In dropping the suit, which was filed in 2017, HNA’s attorneys said that Guo’s comments “are no longer of public concern,” and that to pursuing the action “unnecessarily distracts from its key business priorities,” according to The Wall Street Journal.

The claims came at a time when the Chinese conglomerate was on a $40 billion buying spree in the United States, including stakes in Deutsche Bank AG and Hilton hotels and Anthony Scaramucci’s Skybridge. Goldman Sachs, Bank of America and Skybridge all walked away from deals with the firm, which has an opaque ownership structure.

Guo, who also goes by the name Miles Kwok, has been living in his $67 million penthouse apartment in the Sherry Netherland and is seeking asylum in the United States following claims of widespread corruption in China.

Guo recently filed a $300 million lawsuit against Soho China, alleging the developer’s slander suit against him cost loss of rental income, termination of construction projects, and attorney fees. He is also seeking to sell his Sherry-Netherland pad. He first listed the seven bedroom, eight bathroom apartment for $86 million in 2015. Since then he’s dropped the price to $67 million. Douglas Elliman’s Richard Steinberg has the listing. [WSJ] — David Jeans 


Related Articles

arrow_forward_ios
The two most expensive contracts signed last week were condos at One Prospect Park West. (Douglas Elliman)

Brooklyn luxury market roars back to life

Brooklyn luxury market roars back to life
Fidelity’s Raymond Quirk (iStock)

Title insurers launch new closing tools as homebuying rises

Title insurers launch new closing tools as homebuying rises
Corcoran to sublet 50K sf in IBM Building

Corcoran to sublet 50K sf in IBM Building

Corcoran to sublet 50K sf in IBM Building
Quarters CEO Rui Barros (Linkedin)

Quarters, the “WeWork of co-living,” files for bankruptcy

Quarters, the “WeWork of co-living,” files for bankruptcy
Joan Collins and 110 East 57th Street #8EFG (Getty, BHS)

Soap star Joan Collins lists longtime Midtown pied-à-terre

Soap star Joan Collins lists longtime Midtown pied-à-terre
Tommy Hilfiger and his recently sold estate in Greenwich, CT. (Getty, Janet Milligan)

Tommy Hilfiger’s Greenwich estate sells for $45M

Tommy Hilfiger’s Greenwich estate sells for $45M
Jenna Ryan was part of a group who flew on a private plane from Denton, TX, to Washington, D.C., with the intention of joining the protestors (Twitter.com/DotJenna)

Texas Realtor faces criminal charges for role in Capitol attack

Texas Realtor faces criminal charges for role in Capitol attack
Porch CEO Matt Ehrlichman (iStock)

Porch snaps up four startups for over $122M

Porch snaps up four startups for over $122M
arrow_forward_ios

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

Loading...