Divestment: A HNA Group logo is seen on the building of HNA Plaza in Beijing, China. Faced with soaring debts and China’s crackdown on aggressive dealmaking firms, HNA Group has been offloading its assets that spans property to aviation. — Reuters
HONG KONG: China’s HNA Group is selling a controlling stake in its Hong Kong-listed construction firm to Blackstone Group for HK$7.02bil (US$894.3mil), 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% of the firm.
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