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Nikkei Markets

HNA seeks to sell remainder of Hong Kong development

Interest solicited from mainland's Yuzhou Properties

General view of land development at the Kai Tak area, which is the location of city's former airport, in Hong Kong.   © Reuters

HONG KONG (Nikkei Markets) -- Hong Kong International Construction Investment Management Group, a member of the acquisitive HNA Group, has been in touch with developer Yuzhou Properties to sell a land parcel at the site of Hong Kong's old Kai Tak airport.

The Hong Kong-listed unit of HNA Group originally held four plots of land at the site. It sold two of the plots to Henderson Land Development for about HK$15.96 billion ($2.04 billion) in February, and one to Wheelock earlier in March for HK$6.36 billion.

"I was just in touch with them (HNA Group) yesterday," Yuzhou Properties Chairman Lam Lungon told reporters in Hong Kong on Thursday. "We are good friends, and they want to know if we have an interest (in the land plot)."

When asked if the parcel was too expensive, Lam said, "we think it is, but it is still market price."

HKICIM, which won the 9,500-square-meter- parcel identified as 6563 for HK$7.44 billion in March last year, did not reply to an email asking for comment.

HKICIM shares rose 1% to HK$2.21 in Hong Kong, while Yuzhou climbed 1.7% to HK$5.35. The Hang Seng Index edged 0.2% higher on Thursday.

--Benny Kung

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