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Report: China's HNA looks to shed more assets in bid to trim debt

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Report: China's HNA looks to shed more assets in bid to trim debt

HNA Group Co. Ltd. is looking to dispose of additional assets in an effort to generate funds and pare down its debt, Reuters reported.

In October 2018, the embattled Chinese conglomerate was reported to be planning a sale of more than 80 assets worth at least US$11 billion.

HNA met with bankers Jan. 8 to discuss the planned sale of at least 20 assets, many of which were not previously reported, Reuters noted.

Citing a meeting document, shared by a person directly familiar with the matter, the news outlet reported that HNA was marketing eight hotel and other property projects for sale, including a Renaissance hotel, a commercial complex and a hotel development in China.

The other assets listed on the document were eight financial projects, as well as stakes in online lender Dianrong, insurer Bohai Life, financial services firm Sino Guarantee, and the company's brokerage unit HNA Futures.

Following a US$50 billion acquisition spree, HNA has been in the process of unwinding its assets for more than a year because of heightened government scrutiny and increasing debt.

HNA did not respond to requests for comment on the matter, according to Reuters.