February 13, 2018 / 12:40 AM / 2 years ago

HNA unit to sell two Hong Kong sites to Henderson Land for $2 bln

HONG KONG, Feb 13 (Reuters) - A unit of China’s HNA Group , the cash-starved aviation-to-financial services conglomerate, said on Tuesday it was selling two Hong Kong sites to Henderson Land Development Co Ltd for HK$16 billion ($2 billion).

Completion of the deal for the two pieces of land at Hong Kong’s Kai Tak area was expected to be completed on Feb. 14, Hong Kong International Construction Investment Management Group Co Ltd said in a statement to the stock exchange.

It gave no further details.

HNA Holding Group, through its subsidiaries, had won tenders for the land in Kai Tak for about HK$14.2 billion in late 2016.

The sale comes as HNA faces financing strains following a $50 billion acquisition spree over the past two years, which has sparked scrutiny of its opaque ownership and use of leverage.

$1 = 7.8195 Hong Kong dollars Reporting by Donny Kwok; Editing by Anne Marie Roantree and Stephen Coates

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