Troubled conglomerate on a sales spree
China’s HNA has put around $11 billion worth of properties on the market. The troubled conglomerate has accelerated its push to cut its large debt and restructure.
By the numbers… Since January, HNA has sold more than $20 billion worth of assets, including real estate in Sydney, New York, and Hong Kong, according to Reuters.
Political Backdrop: President Xi Jinping has reasserted the government’s control over the economy. As he prioritizes reining in China’s overheated financial sector, he has tightened his grip on the struggling HNA. Interestingly, the majority of the properties on the market are located in China.
The big picture: All businesses in China are ultimately subordinate to the Chinese Communist Party and ‘President for Life’ Xi Jinping.