Deals
China’s HNA Reverses Buying Binge With $4 Billion Selling Spree
- Buildings on the market include 245 Park Ave. in Manhattan
- Big-spending conglomerate moves to stave off liquidity crunch
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The troubled Chinese conglomerate HNA Group Co. is selling a raft of buildings across the U.S. as the once-voracious acquirer looks to cut its massive debt.
Among the properties on the block is 245 Park Ave., in New York, according to a marketing document seen by Bloomberg. HNA bought that skyscraper less than a year ago for $2.21 billion, one of the highest prices ever paid for a New York office building. The company also is looking to sell commercial properties in Chicago, San Francisco and Minneapolis. All told, the properties are valued at $4 billion.