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
Anderson Cooper is selling the apartment of his late mother Gloria Vanderbilt (Getty, Corcoran)
Gloria Vanderbilt’s Beekman Place apartment lists for $1.1M
Gloria Vanderbilt’s Beekman Place apartment lists for $1.1M
Some real estate agents are seeing a rebound in international interest, but others believe foreign buyers aren’t quite back yet. (iStock)
Some say foreign buyers are back, but evidence is anecdotal
Some say foreign buyers are back, but evidence is anecdotal
Susan Rice (Getty, iStock)
Susan Rice to co-chair home appraisal inequity task force
Susan Rice to co-chair home appraisal inequity task force
Rep. Alexandria Ocasio-Cortez and President Joe Biden (Getty)
Tenant advocates frustrated with Biden’s eviction response
Tenant advocates frustrated with Biden’s eviction response
Dumped by Macklowe and Churchill, Core Real Estate demands fees
Dumped by Macklowe and Churchill, Core Real Estate demands fees
Dumped by Macklowe and Churchill, Core Real Estate demands fees
The average iBuyer offer is now above 100 percent of market value. (iStock)
iBuyers upping offers as housing market rises
iBuyers upping offers as housing market rises
Slowdown in pending homes sales signals “turning point” for housing market
Slowdown in pending homes sales signals “turning point” for housing market
Slowdown in pending homes sales signals “turning point” for housing market
Realogy CEO Ryan Schneider (iStock)
Realogy CEO: remote work is here to stay, but home price growth is real
Realogy CEO: remote work is here to stay, but home price growth is real
arrow_forward_ios

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

Loading...