HNA's Kai Tak buyback: a rare vote of confidence

The Chinese conglomerate builds its stake in its Hong Kong-listed property subsidiary, giving investors a boost. The sums are small, but hint a huge offloading of asset has had an effect.

HNA's Kai Tak buyback: a rare vote of confidence

Whisper it quietly, but there's some good news on the way for shareholders in one of HNA Group's Hong Kong subsidiaries.

HNA, a regional airline-turned-global conglomerate, has become a watchword for all that is wrong in corporate China, building up huge leverage amid a $50 billion international acquisition spree since 2015.

It has been divesting many of the assets it bought, including three of four developments sites at Hong Kong's former...

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