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China's HNA Group Sells Manhattan Building Near Trump Tower

  • Chinese group’s ownership of tower had drawn U.S. scrutiny
  • Sale represents latest in spree of disposals since 2018
HNA Group’s 850 Third Avenue building in New York.
HNA Group’s 850 Third Avenue building in New York.Photographer: Jeenah Moon/Bloomberg
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HNA Group Co. sold a building in Manhattan to help ease the embattled conglomerate’s debts and stave off U.S. concerns about a Chinese company owning property near Trump Tower.

HNA completed the sale of 850 Third Ave., the group said in a statement, without providing details. Bisnow reported earlier that investor and real estate developer Jacob Chetrit and his sons bought the tower in a $422 million transaction that resulted in a loss for HNA. The Chinese company, which bought the tower for $463 million with its partners before Donald Trump became president, had been trying to sell the property since at least early 2018.