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HNA Infrastructure to buy stakes in 3 companies

HNA Infrastructure Investment Group Co. Ltd., a Shanghai-listed business of HNA Group Co. Ltd., proposed to acquire stakes in three companies, as part of the company's ongoing asset restructuring.

Hong Kong International Construction Investment Management Group Co. Ltd., a Hong Kong-based property developer, is a subsidiary of HNA Group, while HNA Group owns 20.92% of shares in Swiss airport retailer Dufry AG. State-owned Tianjin Housing Construction Development Group Co .Ltd. is not a related party to the Chinese conglomerate.

HNA Infrastructure Investment said it has already signed framework agreements with the three companies for the share transfer, according to an exchange filing, without disclosing the price and amount. The company plans to pay the acquisition cost through share issuance.

HNA Infrastructure expects trading in its shares to remain suspended for no more than one month, according to the filing.

Recently, HNA Infrastructure sold its logistics and property units to Sunac China Holdings Ltd. for 1.93 billion yuan.

As of March 22, US$1 was equivalent to 6.33 yuan.