Controversial domestic conglomerate HNA Group has sold overseas property and companies worth 31.3 billion yuan ($4.95 billion) since the beginning of 2018, domestic news website thepaper.cn reported on Thursday.
The report said that the sales included six overseas projects and stakes in three companies, valued at 21.5 billion yuan and 9.76 billion yuan, respectively.
HNA's most recent move was to sell its 25 percent stake in Hilton Grand Vacations Inc after becoming a major shareholder a year earlier.
An announcement by Hilton Grand Vacations on Tuesday showed that HNA listed 24.75 million shares for sale.
As of the close in New York on Wednesday, the price had risen by 92 percent from what HNA paid last March, or $24.32 per share.
The HNA Group did not respond to an interview request by the Global Times as of the press time on Thursday.
According to a report from The Wall Street Journal on Tuesday, the 25 percent stake held by HNA was valued at $1.2 billion, and company stood to gain about $570 million from the deal.
In 2017, HNA paid $6.5 billion to buy shares in Hilton Worldwide Holdings Inc and two spinoffs: Hilton Grand Vacations and Park Hotels & Resorts.
The company sold around 90 percent of all its shares in Park Hotels and Resorts Inc, totaling $1.24 billion, according to an announcement from Park Hotels & Resorts Inc on March 6.
Other assets HNA is still selling include 245 Park Ave, an office tower in New York it bought in 2017 at $2.21 billion, and a 29 percent stake in NH Hotel Group NA in Spain.
HNA Chairman Chen Feng admitted that his company was having liquidity problems, according to a Reuters report on January 19. Chen said that there were many reasons for the problem, including HNA's previous mergers and acquisitions, as well as deleveraging in China.
The Civil Aviation Administration of China has told HNA's airline businesses to pay its bills for jet fuel and other charges, which further underscored the liquidity problem of the firm, financial news magazine Caixin reported on Wednesday.
Meanwhile, bookbuilding for an IPO of airline caterer Gategroup is set to open on Thursday, the group said in a statement late on Wednesday, with a price range set between 16 and 21 Swiss francs ($16.93-$22.22) per share.
HNA, which bought Gategroup in 2016, said it was seeking a public listing for Gategroup, raising funds to help tackle HNA's liquidity crunch.
