HNA acquires third parcel at Kai Tak

Hainan Airline’s parent company, HNA Holding Group Co Limited, has acquired a third parcel of a land at Hong Kong’s Kai Tak, the site of the former Hong Kong international airport, for HK$5.53 billion, according to a report from South China Morning Post.
The company – an industrial conglomerate operating hotels, golf courses and infrastructure – bought the property through its subsidiary, Top Genius Holdings, bringing up its total investment in Kai Tak land plots in the past three months to HK$20 billion, notes the publication.
HNA is one of many interested buyers in the area, including gaming operator Galaxy’s founder Lui Chee-woo. HNA’s purchase represents a 27 per cent increase on the HK$10,220 per square foot price paid in December by Lui Chee-woo’s K Wah International, when the company acquired its second parcel at Kai Tak. HNA paid HK$13,000 per square foot.
The Mainland Chinese company now owns the equivalent of 1.5 million square feet of residential gross floor area in the site that is to be transformed into Hong Kong’s second business district.
The HNA Group continued to expand its portfolio in the asset management business this month by acquiring a majority stake in SkyBridge Capital, an alternative investment firm with US$12 billion (MOP96 billion) in assets under management or advising, founded and co-managed by an adviser to U.S President Donald Trump, Anthony Scaramucci.