Land Acquisitions From HNA Unusual for Henderson Land Development
Henderson Land Development, or HLD, acquired two plots of land in Kai Tak, Hong Kong for HKD 16 billion from cash-starved HNA Group. Given the company’s proven expertise in acquiring land through farmland conversion and urban redevelopment projects, the acquisition at this elevated price level is puzzling. We had expected a lower transaction price as HNA’s acquisition price was above market and the disposal was prompted by HNA’s tight liquidity. Accounting for HLD’s continued effort in capital r...
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