HNA Group, the debt-laden Chinese conglomerate whose founder fell to his death while sightseeing in southern France on Tuesday, will sell its warehouse properties in Singapore for S$730m ($534m).
CWT International, a Hong Kong-listed subsidiary of HNA, said in a stock exchange filing on Thursday that it had agreed to sell the properties to HSBC Institutional Trust Services (Singapore) in its capacity as trustee of Mapletree Logistics Trust, a Singapore-based logistics real estate investment trust.
CWT said it expected a net gain of around HK$82m ($5.5m) from the disposals, which it plans to use for repayment of financing and of mortgage loans over the properties, as well as for a rental guarantee for continued use of the properties.
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