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Report: HNA mulling US$2.2B Chinese property sales

Chinese conglomerate HNA Group Co. Ltd. plans to sell US$2.2 billion worth of properties across China amid its selling spree, Bloomberg News reported, citing people familiar with the matter.

The properties up for sale include the Shanghai HNA Tower, Shanghai Yangtze International Enterprise Plaza and Renaissance Shanghai Pudong Hotel, the news outlet noted, citing the sources, who asked not to be named as the deliberations are private.

One of the people told Bloomberg that the nine properties HNA has placed on the market in Shanghai and Beijing have a combined book value of roughly 14 billion yuan.

HNA is said to be aiming for 100 billion yuan in asset disposals by the first half of 2018. It has been unloading properties in New York, Hong Kong, Sydney and London and has also been selling its stakes in various companies.

HNA representatives could not immediately comment, the March 19 report noted.

As of March 16, US$1 was equivalent to 6.33 yuan.