China's HNA Group has made a deal to sell a Sydney building for $205 million, earning $88 million. The sale is amidst HNA's financing strains after a $50 billion acquisition spree in the last two years.
The group's real estate unit Hong Kong International Investment Group Co, stated that an office building was sold on 1 York Street in Sydney. HNA has not identified the buyer, however, sources suggest that it was a unit of U.S.-based private equity firm Blackstone Group.
HNA has been decreasing its offshore real estate investments in recent months with comments by the CEO Adam Tan that they would not invest in places that were not backed by the central government.
Image source: Carolyn Cummins
Article source: http://www.afr.com/real-estate/chinas-hna-sells-sydney-building-for-205m-amid-cash-crunch-20180128-h0ppnf
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