Indebted HNA puts more assets up for sale
CHINA'S indebted HNA Group met bankers yesterday to tout the latest assets that the sprawling conglomerate is putting on the block as it looks to raise funds and stave off an intensifying cash crunch.
The range of assets, spanning a hotel project in frozen Harbin and stakes in struggling online lender Dianrong and brokerage HNA Futures, underscores how the group is shedding non-core businesses as it pares back an empire that once spread from Deutsche Bank to Hilton Worldwide.
The finance-to-aviation group has been ramping up asset sales over the past year. However, the possible sale of at least 20 assets on the list presented to bankers has not been previously reported. The group is the majority owner of Irish-run and founded aircraft lessor Avolon. HNA did not respond to requests for comment.
HNA is more than a year into the process of unwinding a $50bn (€44bn) acquisition spree. Faced with soaring debt and increased government scrutiny of aggressive deal-making, it has pushed ahead with asset sales.
A document from the meeting indicated HNA was looking to sell eight hotel and other property projects, including a luxury Renaissance hotel in Shanghai and a commercial complex in the western city of Chengdu. Also on the list was a section including eight financial projects and a separate section with four stakes in leasing, insurance and banking firms.