HNA Group Co. is marketing commercial properties in New York, Chicago, San Francisco and Minneapolis valued at a total of $4 billion as the indebted Chinese conglomerate seeks to stave off a liquidity crunch.
Among the properties on the block is 245 Park Ave., according to a marketing document seen by Bloomberg. HNA bought that skyscraper less than a year ago for $2.21 billion, one of the highest prices ever paid for a New York office building. The company also is looking to sell 850 Third Ave. in Manhattan and 123 Mission St. in San Francisco, according to the document. The properties are being marketed by an affiliate of brokerage HFF.
An HNA representative had no immediate comment. A representative for HFF didn’t immediately respond to a request for comment.
HNA’s massive debt is driving the company to sell assets worldwide. It owns more than $14 billion in real estate properties globally, according to Real Capital Analytics Inc. estimates. The conglomerate had amassed $190 billion of assets as of June. As of the end of June, it had 185.2 billion yuan ($29.3 billion) of short-term debt -- more than its cash and earnings can cover.
The marketing document lists six office properties that are 94.1 percent leased, and one New York hotel -- the 165-room Cassa -- with a total value of $4 billion.
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