Chinese aviation-to-financial services conglomerate HNA group co. is selling off $4 billion of commercial properties in New York, San Francisco, Chicago, and Minneapolis, following recent liquidity concerns, according to a marketing document received by Bloomberg.
HNA are cracking down on “irrational investments”, accumulated over a two-year spending spree on overseas assets. As of July 2017, the company had $185.2 billion yuan ($29.3 billion) in short term debt, which its current cash and earnings would not be able to cover.
The sell-off has not been confined to the US. In the last month HNA has announced the sale of, or intention to sell, high-value properties in London, Sydney, and Hong Kong.