HNA Infrastructure Investment Group Co. said Monday it plans to sell a property unit and a logistics unit in Chinese resort island Hainan to property developer Sunac China for a total of 1.9 billion yuan (US$300.47 million).

Its parent, aviation-to-financial services conglomerate HNA Group Co., is racing to raise cash following a US$50-billion acquisition spree over the past two years, which has sparked scrutiny of its opaque ownership and use of leverage.

In a filing to the stock exchange, HNA Infrastructure said the deal — sale of logistics unit for 797 million yuan and property unit for 1.14 billion yuan — would give the company a gain of over 437 million yuan.

The company said the deal will help to consolidate its resources and streamline its asset structure, accelerating the development of its infrastructure investment business.

Meanwhile, HNA Group is in talks to sell some or all of its 25-percent stake in Hilton Grand Vacations, the timeshare business spun off last year from Hilton Worldwide Holdings, the Wall Street Journal reported Monday.

HNA would sell its shares into the open market instead of finding a direct buyer, the report said, quoting sources familiar with the matter.

While an announcement could come as soon as this week, HNA’s plans could still change, the report added.

HNA bought a 25-percent stake in U.S. hotel chain Hilton Worldwide from Blackstone Group in 2016. Thanks to that deal, the Chinese firm built similar stakes in Hilton’s two spin-off units — Park Hotels and Hilton Grand Vacations.

(SD-Agencies)