An affiliate of HNA Group Co. Ltd. sold an 18,860-square-foot mansion in Manhattan's Upper East Side in New York City for US$90 million, The Real Deal reported, citing property records filed with the city bearing the signature of the Chinese conglomerate's co-founder, Guoqing Chen.
According to the Feb. 14 report, the conglomerate purchased the mansion in April 2017 for US$79.5 million with the intent of using it as an office.
Miller Samuel Inc. President Jonathan Miller was reported by Bloomberg News as saying that the amount paid for the mansion is a record for a Manhattan townhouse. The news agency's Feb. 15 report also noted, citing a New York Post article, that the buyer was billionaire Len Blavatnik.
The divestment comes as HNA intensifies efforts to reduce its mounting debt by putting on the block both domestic and offshore assets. Recently, the group entered into a HK$16 billion agreement to sell two land parcels in Hong Kong's Kai Tak area to property developer Henderson Land Development Co. Ltd.
Within the first half of 2018, the company was said to be looking to shed 100 billion yuan of its assets in a bid to reduce debt and in compliance with the Chinese government's restrictions on capital outflow.
As of Feb. 15, US$1 was equivalent to 6.35 yuan.