HNA Sells Off One More Kai Tak Plot

Cash-strapped mainland conglomerate HNA has sold a third residential site in Kai Tak, raising more than HK$6.3 billion.

Wheelock has agreed to buy the latest site of more than 7,300 square metres, which HNA bought for more than HK$5.5 billion in January last year, outbidding local developers.

This comes weeks after it sold two other sites in the same area to Henderson Land for HK$16 billion.

HNA still owns one residential site in the area. It bought the four sites for a total of HK$27.2 billion between November 2016 and March last year, offering much more than local developers for all the sites.

Last year, HNA's chairman Chen Feng said he would help pour cold water on Hong Kong's red hot home prices by selling the Kai Tak flats at cost to its employees here.

Shares of its Hong Kong unit, International Construction Investment Management, were suspended before trading started on Friday.

HNA has snapped up assets around the world in recent years. But its finances ran into trouble after regulators tightened scrutiny on its opaque shareholding structure.