Mingtiandi

Asia real estate and outbound investment news

  • Facebook
  • LinkedIn
  • RSS
  • Twitter
Sign Up / Login Logout

Lost your password?
Register
Forgotten Password
Cancel

Register For This Site

A password will be e-mailed to you.

  • Capital Markets
  • Events
    • Mingtiandi 2023 Event Calendar
    • Mingtiandi APAC Residential Forum 2023
    • Mingtiandi Asia Logistics Forum 2023
    • Mingtiandi Hong Kong Focus Forum 2023
    • Mingtiandi APAC Data Centre Forum 2023
    • Mingtiandi Asia Office Strategies Forum 2023
    • Mingtiandi Singapore Focus Forum 2023
    • More Events
  • MTD TV
  • People
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail
  • Research & Policy
  • Advertise

HNA Sells Hong Kong Properties at 30% Discount

2018/12/15 by Emma Zhou Leave a Comment

Yoo Residence Causeway Bay

HNA has taken its close-out sale to the Yoo Residence in Causeway Bay

Distressed mainland conglomerate HNA Group has reportedly taken a big loss on properties it owned in Hong Kong’s Causeway Bay district, selling them off this past week for HK$70 million less than what it paid for them just last year.

HNA Group, the parent of Hainan Airlines, whose debt was estimated earlier this year at about RMB 600 billion, sold a luxury duplex house, a residential flat and five parking spaces for HK$260 million ($33 million), after discounting the price by HK$90 million. The buyer has not been disclosed.

The airline took a 21 percent loss of HK$70 million on its cut-rate sale of the homes at the Yoo Residence project, after paying HK$330 million for the package last December. The 5,193 square foot (482 square metre) duplex had set the record for priciest home in Causeway Bay at the time, when HNA purchased it for an average price of HK$63,000 per square foot.

Causeway Dismay

HNA Chen Feng

HNA’s Chen Feng is a property buyer’s best friend

The Causeway Bay haircut follows just one month after HNA sold two retail spaces in the same at a HK$33.5 million loss, taking its total losses to over HK$100 million on the combined properties, or the equivalent of about 30 percent of its original investment.

The Yoo Residence, a luxury residential tower jointly developed by Couture Homes and ITC Properties Group, is located at 33 Tung Lo Wan Road, a nine-minute walk from the Causeway Bay MTR Station. The current average home price of HK$61,000 per square foot at the estate (before HNA’s giveaway) is nearly four times the average home price of HK$15,954 per square foot in the Causeway Bay area.

HNA in Downward Investment Spiral

Since the beginning of this year, HNA Group has sold two plots of land and several properties in Hong Kong estimated to be worth around HK$22.7 billion in total.

In February, it sold two of its four Kai Tak land plots to Hong Kong real estate giant Henderson Land for HK$15.9 billion. One month later, it sold another plot to Wheelock and Co for HK$6.35 billion. It also sold an office property in Hong Kong’s Admiralty district for HK$40 million in March.

The news of HNA’s Hong Kong most recent fire sale followed a recent report that it was seeking to unload 10 assets in mainland China worth RMB 7.6 billion ($1.1 billion).

Share this now

  • LinkedIn
  • Share
  • Tweet
  • Email

Filed Under: Finance Tagged With: Causeway Bay, daily-sp, HNA Group, Hong Kong housing market, Kai Tak, Yoo

Leave a Reply

Your email address will not be published. Required fields are marked *

Get Mingtiandi Delivered

MTD TV

PDG Says Ready for Competition in Asia Hyperscale Market: MTD TV
mtd tv debt panel
Developer Crisis Creates Opportunities For Credit Investors: MTD TV

More MTD TV Videos>>

People in the News

Henry Bott Swire
Asia Real Estate People in the News 2023-01-30
Liu Weiliang Zhenro
Asia Real Estate People in the News 2023-01-23
Paul Davis JLL
JLL Hires Paul Davis, Shai Greenberg to Lead Japan International Capital Division
Craig Pearce Nikota Capital
Japan’s Nikota Capital Launches Real Estate Brokerage Arm

More Industry Professionals>>

People in the News

Asia Real Estate People in the News 2023-01-30

Henry Bott Swire

One of Hong Kong’s best known conglomerates leads this week’s set of personnel updates on Mingtiandi as Hong Kong’s John … Read More>>

Asia Real Estate People in the News 2023-01-23

Liu Weiliang Zhenro

An ailing mainland developer leads this week’s set of personnel moves from around Asia, as a new chairman takes over at … Read More>>

JLL Hires Paul Davis, Shai Greenberg to Lead Japan International Capital Division

Paul Davis JLL

JLL has beefed up its Japan capital markets team with the hiring of Paul Davis and Shai Greenberg to serve as co-leads … Read More>>

Japan’s Nikota Capital Launches Real Estate Brokerage Arm

Craig Pearce Nikota Capital

Tokyo-based Nikota Capital has established Nikota Realty as a real estate brokerage division to help individual … Read More>>

More Industry Professionals>>

Latest Stories

CDL chairman Kwek Leng Beng
Singapore’s CDL in Talks To Buy London Complex From Blackstone for Reported $496M
Donald CHOI Chinachem
Chinachem Buys Deloitte London HQ From Landsec for $433M as UK Assets Maintain Appeal
How Data Leadership Can Prepare Real Estate Companies for Big Data and AI in 2023

Sponsored Features

How Data Leadership Can Prepare Real Estate Companies for Big Data and AI in 2023
OpenSpace Capture
OpenSpace Capture Provides On-the-Ground Eyes at US Government Building Projects
Malls and Megaprojects from Hong Kong to Beijing Triumph at PropertyGuru Awards Show

More Sponsored Features>>

Connect with Mingtiandi

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Real Estate News

  • Capital Markets
  • 2022 Event Calendar
  • MTD TV Archives
  • People
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail

More Mingtiandi

  • About Mingtiandi
  • Contact Mingtiandi
  • Mingtiandi Membership
  • Newsletter Subscription
  • Advertise
  • Terms of Use
  • Privacy
  • Join the Mingtiandi Team


© 2007-2023 China Advertising Media Ltd (Samoa). All rights reserved.

  • This field is for validation purposes and should be left unchanged.