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HNA to take over unfinished hotel towers in Xintiandi

HNA Group, parent of Hainan Airlines, plans to acquire an 85 percent stake in two uncompleted hotel towers from one of its developers, Leo Investment, in Shanghai's Xintiandi area.

"The two sides have reached initial agreements on the deal, and they are expected to make substantial process in the near future," an official of the group told Shanghai Daily today.

He said that the deal will cost HNA more than 2 billion yuan (US$293 million), including interior decoration, much less than former media reports of 4 billion yuan.

Construction on the hotel towers, which will host Jumeirah and Conrad brands, is almost finished, but the work has been suspended since early this year amid rumors that the developer Leo Investment has run out of money. Shui On Private Group owns the remaining 15 percent of the towers.

HNA Group, the country's fourth-largest aviation group, aims to create a comprehensive group to deal in three key areas - airlines, logistics and financial services. It now owns 13 airlines, 11 airports, 51 hotels, five shipping firms, 13 finance firms and two business groups.


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