HNA buys foothold in New Zealand

China Daily (Canada) - - BUSINESS -

One of the world’s big­gest as­set fi­nance and leas­ing com­pa­nies, China-basedHNA Group, has pur­chased its first foothold in NewZealand. ANZ BankNew Zealand Ltd, one ofNewZealand’s big­gest com­mer­cial banks, said onWed­nes­day that HNA agreed to buy its as­set fi­nance busi­ness, UDC Fi­nance, for NZ$660 mil­lion ($461.47 mil­lion). ANZNew Zealand CEO DavidHisco said the pur­chase price rep­re­sented a price-to-book ra­tio of 1.6 times of net as­sets of NZ$424 mil­lion as of Septem­ber 2016.

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