March 12, 2018 / 10:28 AM / 3 months ago

HNA Infrastructure to sell property, logistics units to Sunac for $300 mln

HONG KONG, March 12 (Reuters) - HNA Infrastructure Investment Group Co Ltd on Monday said it plans to sell a property unit and a logistics unit in Chinese resort island Hainan to property developer Sunac China for a total of 1.9 billion yuan ($300.47 million).

Its parent, aviation-to-financial services conglomerate HNA Group Co, is racing to raise cash following a $50 billion acquisition spree over the past two years, which has sparked scrutiny of its opaque ownership and use of leverage.

In a filing to the stock exchange, HNA Infrastructure said the deal - sale of logistics unit for 797 million yuan and property unit for 1.14 billion yuan - would give the company a gain of over 437 million yuan.

The company said the deal will help to consolidate its resources and streamline its asset structure, accelerating the development of its infrastructure investment business. ($1 = 6.3235 Chinese yuan renminbi) (Reporting by Clare Jim; Editing by Vyas Mohan)

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