Sunday, June 16, 2019
Martin Hennecke

HNA sells New York tower
HNA Group sold a building in Manhattan for HK$3.3 billion to help ease the embattled conglomerate's debts and stave off US concerns about a Chinese company owning property near Trump Tower. HNA Group did not provide the details of the buyer or the deal value, but a spokesman for the group confirmed the veracity of a report by US real estate news website Bisnow that earlier reported the sale of 850 Third Avenue. A source familiar with the deal told Bisnow news website that Jacob Chetrit and his sons, Michael and Simon, have acquired the Midtown office tower 850 Third Ave from HNA Group for US$422 million (HK$3.29 billion), citing statements from Michael Chetrit and MHP Real Estate Services. Embattled HNA Group is more than a year into the process of unwinding a US$50 billion acquisition spree that at its peak netted the company stakes in banks, fund managers, hotels, property and airlines. But faced with soaring debt and government scrutiny of aggressive dealmaking, HNA has pushed ahead with asset sales that have included real estate and stakes in hotels groups, and discussions on key overseas units such as Ingram Micro and a US$300 million-plus corporate jet. HNA Group's subsidiary HNA Group (International) owed a debt of HK$8.3 million to Mulberry Land, which had been claimed. Meanwhile, Shui On Land (0272) said accumulated contracted property sales last year surged 40 percent year-on-year to 14.53 billion yuan (HK$16.68 billion). Together with disposal of other assets, total revenue for the year amounted to 22.28 billion yuan, up 4 percent from 2017. Revenue comprised of 14 billion yuan from sales of flats, 410 million yuan from sales of commercial properties and 7.74 billion yuan from disposal of other assets. Longfor Properties (0960) said total contracted sales in 2018 rose 28.5 percent to 200.64 billion yuan. AGENCIES
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