HNA Group sells Hong Kong land for US$2bil, disposals speed up

Land deal: Lee, who is the founder, chairman and managing director of Henderson Land posing in front of the company logo in Hong Kong. The land sale is expected to close today, — Reuters

HONG KONG: HNA Group Co agreed to sell two plots of land in Hong Kong to the city’s second-richest man for HK$16bil (US$2bil) as the cash-strapped Chinese conglomerate accelerates asset disposals to repay its mounting debt.

The sites, purchased just over a year ago, were sold to billionaire Lee Shau Kee’s Henderson Land Development Co, according to a statement. HNA had spent about HK$14.2bil on the two sites, according to records from Hong Kong’s land registry.