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Financial Times / Biz - Money

Wheelock to buy Hong Kong land site from HNA unit for $811m

Hong Kong developer Wheelock said it will buy a residential site from a unit of cash-strapped Chinese conglomerate HNA for HK$6.36bn ($810.8m)

Wheelock said it will buy the 7,318 square metre land parcel on the site of Hong Kong’s former Kai Tak airport currently being developed for residential use from Omnilink Assets Limited, a unit of HNA subsidiary Hong Kong International Construction Investment Management Group.

Wheelock said the purchase will be funded by internal resources and bank borrowings.

HNA has faced trouble repaying debts for some of its $40bn global buying spree over the past three years. HNA last week said it planned to sell “some or all of its” 25 per cent stake in Park Hotels & Resorts, signalling an unwinding of part of its $6.5bn stake in Hilton worldwide.

That came after HKICIM last month agreed to sell two Hong Kong land parcels in the Kai Tak area to developer Henderson land for almost $2bn.

HKICIM suspended trading in its Hong Kong-listed shares on Friday.