Embattled Chinese conglomerate HNA Group Co. Ltd. is looking to sell over 80 properties in China and overseas, collectively valued at a minimum of US$11 billion, in an ongoing attempt to trim its debt, Reuters reported, citing two sets of documents seen by the news outlet.

HNA sent the documents to its investors in August, Reuters added, citing unnamed sources.

HNA listed 24 local assets and 11 overseas properties in one set of the documents, which placed the estimated worth of 26 of those properties at US$10.5 billion. Among the properties mentioned in the document is HNA International Plaza in Haikou, China, and 850 Third Ave. in Manhattan, N.Y. HNA was negotiating the sale of the New York property to B & L Management Co. LLC in a deal valuing the asset at US$452 million, according to a Bloomberg News report in August, which cited sources privy to the matter.

A second set of documents sent to another investor noted 57 domestic assets as "planned for sale," including 10 properties that are also listed in the first set of papers. Among these, 18 are expected to be sold in the second half of 2018 and 23 in 2019, the media outlet added.

It is unclear whether some of the assets listed in the documents have already been sold, Reuters noted. The properties — comprising hotels, commercial and residential buildings — are mostly within China, with a large portion in Hainan Island.

An HNA spokeswoman declined to comment, the Oct. 9 report added.

During the 2018 first half, the company brought down its debt by 10.7%, in comparison to the previous six months. At the end of the period, HNA's total debt stood at 657.41 billion yuan, and total debt to EBITDA ratio was 21.36x despite the debt reduction.

HNA has sold or agreed to sell over US$20 billion worth of assets, including properties in Sydney, New York and Hong Kong since January, Reuters added.

As of Oct. 8, US$1 was equivalent to 6.93 yuan.