News
HNA Group to sell US$1.8 billion Deutsche Bank stake?
September 14th 2018
China’s cash-strapped HNA Group plans to sell its 7.6% shareholding in Deutsche Bank in the next 18 months, the Wall Street Journal reported this week citing sources close to the deal.Read More » The equity share is valued at approximately US$1.8 billion. The newspaper said HNA intended to unload most of its overseas assets acquired in the past two years including its US$2.8 billion investment in ground handler Swissport.
Last month, HNA sold its 51% equity in Radisson Hospitality AB and Radisson Holdings to government-controlled and Shangai headquartered JinJiang International Group. HNA bought U.S.-based Carlson Hotels Inc in 2016 for an undisclosed sum, including that firm’s 51.3% holding in Rezidor Hotel AB, which was renamed Radisson Hospitality AB.
Earlier this year, the Haikou-headquartered conglomerate sold its US$8.5 billion stake in Hilton Worldwide and is now in the process of unloading a significant shareholding in NH Hotels to Thailand’s Minor International PCL.
HNA Group also has recently sold its interests in diverse investments in U.S. commercial property, Hong Kong land acquisitions, several aviation-related companies, equity in South American carrier, Azul Brazilian Airlines, and warehouses valued at US$554 million in Singapore. At press time, it was repored by Hong Kong media that the group had failed to move into eight floors of offices in the Three Exchange Square, a commercial development in the city’s CBD, despite signing a 10-year lease deal that was to cost the group HK$12 million (US$1.548 million) a month.
HNA Group co-founder, Chen Feng, has taken full control of the Mainland conglomerate after the accidental death of Wang Jian earlier this year. Fifty-seven-year-old Wang was the co-founder and co-chairman of HNA Group and a key Chen ally. Wang Jian’s approximate 15% stake in HNA Group will be transferred to a Mainland-based charity, the group said earlier this month.
