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HNA and Kai Tak Development

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  1. #1

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    Question - What happens to all the land bought by HNA and other companies, if the banks don't lend them enough money to develop shiny new micro-apartments and malls?

    https://www.bloomberg.com/news/artic...loans-j5hnmp3f


  2. #2

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    Bloomberg now reveals a couple of things.

    HNA is owned by charities. Sure...

    Two charities named Cihang -- one based in New York and the other in the resort island of Hainan -- own 52 percent of HNA Group, according to a company statement on Monday. Twelve HNA officials including founders Chen Feng and Wang Jian hold about 47.5 percent, with the rest held by Hainan Airlines Holding Co., according to the statement.
    HNA has suddenly KYC problems with BoAML, despite having pushed through deals with them in the past.

    Bank of America Merrill Lynch joined other Wall Street firms that are largely steering clear of advising and financing the group on deals because they are unable to get internal approvals from “know your customer” committees, people familiar with the matter have told Bloomberg.
    https://www.bloomberg.com/news/artic...d-by-charities

  3. #3

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    Quote Originally Posted by shri:
    Question - What happens to all the land bought by HNA and other companies, if the banks don't lend them enough money to develop shiny new micro-apartments and malls?

    https://www.bloomberg.com/news/artic...loans-j5hnmp3f
    normally there is completion cause, the developer must complete the project by a certain date, and penalties if they fail to deliver by the contract date.

  4. #4

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    Quote Originally Posted by JAherbert:
    normally there is completion cause, the developer must complete the project by a certain date, and penalties if they fail to deliver by the contract date.
    If the completion dates are far into the future, does that not delay development even further?

    I assume Superman or Uncle 4 would be able to buy into these projects at a discount, if they have project financing issues?

  5. #5

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    This is going to be a horrible car crash.....................

    JAherbert and greenmark like this.

  6. #6

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    Quote Originally Posted by WMDS:
    This is going to be a horrible car crash.....................
    No it wont, its sound very good, hope they build a NEW KOWLOON CITY version on the 4 pieces of land lol

    HNA plans to combine all four sites under one development project for the purpose of constructing an integrated residential complex.
    After combining four sites into one large plot, it will yield a total gross floor area of 2.02 million sq ft with an average land cost of HK$13,416 per square foot.

  7. #7

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    - search that document for "Building covenant". NKIL6556.pdf has a completion date of 30th, Sept, 2023.


  8. #8

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    An FAQ from Bloomberg

    HNA, the Curious Company Worrying China and U.S.: QuickTake Q&A


    https://www.bloomberg.com/politics/a...-quicktake-q-a


  9. #9

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    Smell like Communist Party is behind all this


  10. #10

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    HKMA Surveys Banks to figure out which banks may be lending...

    https://www.bloomberg.com/news/artic...ers-daily-says


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