HNA Group Co.-linked parties sold a site with two historical homes in Hong Kong’s prestigious Peak area at a loss for HKD550 million (USD70 million), the Hong Kong Economic Times reported, citing unidentified people.
The site, located near a popular hiking trail on 27 Lugard Road, was sold at a loss of HKD160 million a year after its purchase, according to the report. A pair of houses that are over 100 years old sit on the site, the newspaper said. HNA is also selling a property in nearby Twelve Peaks, the paper said.
The real estate helped symbolize an era when HNA was splurging on everything from over-the-top parties in French museums to some of the most expensive homes in Manhattan, even though borrowing costs were soaring. Debts have since caught up to the group, prompting HNA to agree to sell more than $20 billion in assets since 2018.