Part­ner mulls ways to re­duce ties with HNA

New Straits Times - - Business -

SIN­GA­PORE: HNA Group Co’s part­ner in an over­seas prop­erty trust is ex­plor­ing ways to po­ten­tially scale back its ties to the em­bat­tled Chi­nese con­glom­er­ate, said peo­ple with knowl­edge of the mat­ter.

AEP In­vest­ment Man­age­ment Pte is weigh­ing op­tions for re­duc­ing HNA Group’s in­volve­ment in the planned Sin­ga­pore ini­tial public of­fer­ing of HNA Com­mer­cial REIT, which was go­ing to be backed by S$1 bil­lion (RM3.14 bil­lion) of prop­er­ties from the two part­ners.

All pos­si­bil­i­ties are un­der con­sid­er­a­tion, in­clud­ing low­er­ing the stake HNA Group would take in the trust and the com­pany that man­ages it, said the peo­ple.

AEP has be­gun reach­ing out to other po­ten­tial part­ners to gauge their in­ter­est in tak­ing a role back­ing the prop­erty trust, said the peo­ple.

The Sin­ga­pore-based com­pany, which started prepa­ra­tions for the list­ing last year be­fore bring­ing in HNA Group, is also con­sid­er­ing whether to re­duce the trust’s re­liance on real es­tate from the Chi­nese firm, said the peo­ple.

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