Mar
12
Hong Kong’s Unshakable Property Faith
ByWheelock’s purchase of land from HNA shows local confidence.
Three down, one to go. Fire sales aren’t usually associated with handsome profits; lucky for HNA Group Co. that its asset hoard includes Hong Kong real estate.
The indebted Chinese conglomerate has sold the third of four plots of land bought just over a year ago to local developer Wheelock & Co. for HK$6.36 billion ($811 million), the latest step in HNA’s reversal of a $40 billion acquisition spree. As with the first two, it looks to have made money…
