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HNA Group to sell stake in HK firm to Blackstone for US$894m


China's HNA Group is selling a controlling stake in its Hong Kong-listed construction firm to Blackstone Group for HK$7.02 billion.

China's HNA Group is selling a controlling stake in its Hong Kong-listed construction firm to Blackstone Group for HK$7.02 billion.

HONG KONG: China's HNA Group is selling a controlling stake in its Hong Kong-listed construction firm to Blackstone Group for HK$7.02 billion (US$894.31 million), according to a regulatory filing, the latest asset disposal by the embattled Chinese conglomerate.

Hong Kong International Construction Investment Management Group said in a filing late on Friday that Times Holdings II Ltd, a company controlled by Blackstone, has agreed to buy all the shares owned by HNA Group's finance arm HNA Finance I, or 69.54 percent of the firm.

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