China's HNA Real Estate Removes 'Real Estate' From Its Name, Commits To Selling More Properties
HNA Real Estate Holdings, a Chinese investor that has been on a major U.S. real estate selling spree this year, has announced a change in business focus and a name change — along with its intention to keep selling properties.
To hammer home the point that the company — which is a subsidiary of the giant HNA Group — is edging out of real estate, HNA Real Estate Holdings is being renamed HNA Airport Development.
Moreover, the company's business focus is shifting back to developing airport facilities and other infrastructure, the Asian real estate publisher Mingtiandi reports.
The company sold about $580M in real estate assets just in the last month and has put 82 properties worth as much as $11B on the market.
HNA's recent unloading of properties is part of a larger divestment of real estate that began early this year, as the company sought to reduce debt and respond to pressures from the Chinese government to reduce overseas property holdings.
Among other deals this year, HNA has sold its stake in Hilton Worldwide Holdings Inc., its holdings in Spain’s NH Hotel Group SA and such buildings as 181 West Madison in Chicago, 245 Park Avenue in New York and City Center in Downtown Minneapolis.