Developers help HNA dodge a Kai Tak heart attack ... for now

Ailing Chinese conglomerate manages to turn an unlikely profit from Hong Kong sites that it paid record sums for in 2016. Its woes are far from over, however.

For years, Hong Kong-bound passengers reported a moment of panic when, moments from landing, their aircraft lurched dramatically to the right before hitting the tarmac.

This manoeuvre necessitated by mountains near the old airport in Kowloon was dubbed the Kai Tak heart attack.

That feeling of plunging, lurching then suddenly feeling some reassurance may well be familiar to anyone following China's struggling HNA Group. The company on Tuesday announced it had sold two plots of land at the old Kai Tak airport to Hong Kong developer Henderson Land for almost $2 billion.

But HNA's challenges are far from over. Rather than...

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