Photo: Reuters/Thomas White
Photo: Reuters/Thomas White

China’s HNA Group, a private conglomerate involved in numerous industries, is in the process of unloading US$6 billion in real estate holdings around the world in a desperate attempt to contain its massive debt, The Paper reported.

Most of the projects were newly purchased over the last few years, and because of that, estimated selling prices may also be lower than buying-in prices.

In New York, its subsidiary sold the midtown office building at 1180 Sixth Avenue for US$300 million. Another substantial skyscraper, 181 West Madison Street in Chicago, which the Group bought in early 2017, is also on sale.

The Group is also looking for buyers for its 30 South Colonnade property in London, as well as 17 Columbus Courtyard — both expected to draw considerable sums.

Meanwhile, its subsidiary in Hong Kong has sold the One York office building located in Sydney for AUS$205 million. Though the buyer was not disclosed, it’s reported that the building was taken over by Blackstone Group.