Debt-stressed Chinese conglomerate HNA Group has continued its fire-sale of its assets this week by selling off its holdings in a Hong Kong-listed bank based in Guangzhou for $191 million, Caixin Global reports.
Aerial Wonder Co, a unit of HNA, sold its 295 million shares in Guangzhou Rural Commercial Bank in two batches over the past week, according to Hong Kong stock exchange documents. The buyers included state-backed financial firm Guangzhou Finance Holdings Group.
The sell-off was just the latest in a string of deals for HNA as the Hainan island-based group attempts to balance its books following a debt-fueled M&A binge over the past few years. HNA’s Hong Kong subsidiary, HKICIM Group, sold three plots of land in the city for $2.84 billion during February and March, as well as office space at the landmark Lippo Centre for $5.1 million.