China's fourth-largest aviation group HNA is in negotiations to buy a commercial property in Beijing from jailed home appliance tycoon Huang Guangyu.
A spokesman told Shanghai Daily yesterday that HNA Group, parent of Hainan Airlines, has been in discussions to buy the property, but he declined to reveal further details since the negotiations are still ongoing.
Domestic media reported on Thursday that HNA may purchase Gome Shangdu, owned by Huang's Pengrun Investment Co, for 6 billion yuan (US$939 million).
Gome Shangdu covers a floor area of 550,000 square meters in southwest Beijing. It includes retail businesses, offices, hotels and serviced apartments.
HNA plans to build three key businesses – airlines, logistics and financial services. The group, with total assets of 210 billion yuan at the end of last year, owns 13 airlines and nearly 50 cargo ships and manages more than 50 hotels and 12 airports.
The group has expanded rapidly in recent years, including frequent overseas acquisitions.
Earlier this month, General Electric Co and a partner agreed to sell shipping-container lessor GE SeaCo for US$1.05 billion to HNA and Bravia Capital.
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