HNA Group has put up for sale property assets worth at least US$11 billion, according to documents seen by reporters, accelerating a push to cut its large debt and restructure.

Two sets of documents reviewed listed more than 80 assets that HNA has either put up for sale or intends to sell, including hotels, commercial and residential buildings. They are mostly within China, with the bulk of them located in Hainan Island, where HNA is headquartered.

The documents were sent to prospective investors in August, said sources.

The aviation-to-hotels conglomerate has in 2018 sold real estate, stakes in overseas companies and aviation-related assets after a US$50 billion acquisition spree in recent years.

Since January, HNA has sold or agreed to sell over US$20 billion worth of assets, including real estate in Sydney, New York and Hong Kong, according to media calculations and reports.

“We are strategically exiting some areas but it’s not a fire sale,” said a company source familiar with the group’s plans.

It was not immediately clear if some of the assets listed in the two sets of documents have been already sold.

HNA’s total debt stood at 657.41 billion yuan (US$94.96 billion) at the end of the first half, down 10.7 percent from end-2017. Despite the decrease, the group’s total debt to EBITDA stood at 21.36 times at the end of the first half.

In one set of the documents, HNA listed 24 assets in China and 11 overseas, including HNA International Plaza, a commercial-to-residential landmark complex in Haikou, and 850 Third Avenue in New York, which came under scrutiny by the U.S. Government because of its proximity to the Trump Tower, according to a media report.(SD-Agencies)