HNA Infrastructure Investment Group Co. Ltd. agreed to sell a property unit and a logistics unit at its home city of Hainan in China for 1.93 billion yuan to property developer Sunac China Holdings Ltd.
HNA Infrastructure said the deal, which comprises the sale of the property unit for about 1.14 billion yuan and the logistics unit for 797 million yuan, will help improve the company's financial position and profitability.
The company expects to make a total gain of about 437 million yuan after the transaction, according to a filing on the Shanghai stock exchange.
HNA Infrastructure's parent, aviation-to-financial-services Chinese conglomerate HNA Group Co. Ltd., is believed to be seeking to dispose of as much as 100 billion yuan in assets within the first half of 2018 to repay debt. Most recently, HNA Group is tipped to be considering a full or partial sale of its 25% stake in Hilton Grand Vacations Inc.
As of March 12, US$1 was equivalent to 6.33 yuan.
