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Report: HNA Group seeking $6B sale of commercial properties

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Report: HNA Group seeking $6B sale of commercial properties

China's HNA Group Co. Ltd. is looking to sell roughly $6 billion of commercial property in New York, London, San Francisco and other major cities around the world, The Wall Street Journal reported, citing people familiar with the matter.

The assets up for sale comprise a large portion of the company's overseas portfolio, according to the Journal. HNA, which owns approximately $14 billion of real estate globally, has earmarked around 20 properties for disposal.

The sell-off follows the company's aggressive acquisition of more than $40 billion of assets since 2015 and comes as the company's liquidity and borrowing costs have started to come under pressure, the Journal reported. The Chinese government has increased scrutiny of outbound investments by HNA and other Chinese companies, and the scrutiny has made some question the company's ability to pay off billions of dollars in debt that is coming due in 2018.

In November, HNA CEO Adam Tan told Bloomberg News that the conglomerate was considering unloading assets in sectors where overseas investments have been discouraged by the government.