Chinese conglomerate HNA group is looking to sell off its remaining 26% stake in Hilton Worldwide, the Financial Times reports, giving the debt-laden company up to $6 billion of liquidity as it continues to shed assets.
HNA currently own between 63 and 72.5 million shares in the hotel chain, which they will list in a secondary public offering. Hilton have already said that they will buy back up to 16.5 million of the shares on sale.
The stake was only bought in 2016 from private equity firm Blackstone who listed Hilton three years previously.
HNA, along with several other high-profile Chinese companies, had experienced rapid growth in recent years fuelled by aggressive and irresponsible borrowing, using the funds to gobble up expensive assets. With debt concerns rising throughout the Chinese economy, however, pressure has been put on these firms to quickly thin their expansive offshore portfolios.