The proposed deal would give Fosun control of the British firm's packaged-tour business and a minority interest in its airline business.
The proposed exit comes as China Mengniu focuses on its core businesses and expansion of premium dairy products.
IPOs & Markets
The sale was Asia's largest this year, Refinitiv data showed, exceeding property developer China Evergrande Group's $2.8 billion issue in January.
HNA sold a 30 percent stake in Avolon to Japanese financial services group Orix Corp last year.
The net proceeds would not be used for the development of residential properties.
The three-year-old arm of Chinese conglomerate Fosun will launch at least 11 new resorts in the coming years under the French brand.
Cathay is not interested in Hong Kong Airlines because it has both similar routes and full-service positioning.
The Chinese healthcare service provider continues to diversify into new energy automotive industry.
Hong Kong has enjoyed its best year since 2010 in terms of listings, with companies raising $36.3 billion, more than anywhere else in the world.
The consortium, which owns 36.9% of the company, offered to buy all outstanding shares or 63.1% it does not already own.
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