HNA Group to sell stake in HK firm to Blackstone for $894m

HNA Group to sell stake in HK firm to Blackstone for $894m

Signage for HNA Group Co. is displayed atop the company's building in Beijing, China, on Thursday, Feb. 1, 2018. Photographer: Giulia Marchi/Bloomberg

China’s HNA Group is selling a controlling stake in its Hong Kong-listed construction firm to Blackstone Group for HK$7.02 billion ($894.31 million), according to a regulatory filing, the latest asset disposal by the embattled Chinese conglomerate.

Hong Kong International Construction Investment Management Group said in a filing late on Friday that Times Holdings II Ltd, a company controlled by Blackstone, has agreed to buy all the shares owned by HNA Group’s finance arm HNA Finance I, or 69.54 percent of the firm.

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