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HNA Group sells Radisson stake to JinJiang
August 17th 2018
China’s cash-strapped HNA Group continues its asset selloff. Read More » The latest divestment sees HNA sell its 51% stake in Radisson Hospitality AB and Radisson Holdings to government-controlled JinJiang International Group, headquartered in Shanghai.
HNA bought U.S.-based Carlson Hotels Inc in 2016 for an undisclosed sum, including that firm’s 51.3% stake in Rezidor Hotel AB, which was later renamed Radisson Hospitality AB.
The transaction renders JinJiang the world’s seventh largest hotel operator.
Earlier this year, HNA sold its US$8.5 billion stake in Hilton Worldwide. Currently, the conglomerate is in the process of unloading a significant number of its shares in NH Hotels to Thailand’s Minor International PCL.
Also in 2018, HNA Group has sold its interests in diverse investments that have included U.S. commercial property, Hong Kong land and property acquisitions, several aviation-related companies, equity in South American carrier, Azul Brazilian Airlines, and warehouses valued at US$554 million in Singapore.
HNA Group co-founder, Chen Feng, has taken full control of the Mainland conglomerate after the accidental death of Wang Jian earlier this summer. Fifty-seven-year-old Wang served as co-founder and co-chairman of HNA Group and was a key Chen ally.
Addressing Wang’s death, HNA Group in early August announced a management reshuffle. HNA Group CEO, Adam Tan, has been named chairman of HNA International, a position previously held by Wang Jian. Tan will continue to be the vice chairman and CEO of the group, HNA said. Feng Chen has also been appointed executive chairman of HNA International.
Moreover, the Haikou-headquartered group appointed Dennis Chen as chief investment officer, replacing James Wang.
“These changes will help us meet our commitment to refocus around our core aviation and tourism and logistics businesses,” said Chen Feng.
Wang Jian’s approximately 15% stake in HNA Group will be transferred to a Mainland-based charity, the group said earlier this month.
