Chinese conglomerate HNA Group Co. is continuing its frantic asset-shedding by, this time, selling off $2.2 billion of China-based properties, Bloomberg reports. The company, whose rapid expansion in recent years was fueled by aggressive borrowing, is now trying to scale back its looming debt obligations.
Among the nine properties up for sale are Shanghai HNA Tower, Shanghai Yangtze International Enterprise Plaza, and Renaissance Shanghai Pudong Hotel, according to unnamed sources. Their total value of $2.2 billion would bring HNA’s recent asset sales to $13 billion, still shy of its $16 billion target by the first half of 2018.
Previous selloffs have included its stakes in Hilton Grand Vacations Inc., NH Hotel Group SA, and Red Lion Hotels, as well as properties in New York, Sydney, and London.