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Chinese hospitality provider Jin Jiang International Holdings Co. is weighing a bid for Radisson Hotel Group, the global chain owned by HNA Group Co., people with knowledge of the matter said. Jin Jiang, which is controlled by the Shanghai government, is in the early stages of considering a potential offer, according to the people. HNA could fetch at least $2 billion from a sale of Minneapolis-based Radisson, which may also attract other bidders, the people said, asking not to be identified because the information is private. HNA is exploring a sale of Radisson as the embattled Chinese conglomerate offloads assets around the globe, Bloomberg News reported in June. Should the sale be completed, it would add to the more than $17 billion in divestments that HNA has made this year to lower its debt, which had soared to one of the highest levels in corporate China. HNA has been aggressively selling assets this year to pay down heavy debt incurred during a multiyear buying spree. It has sold $6 billion of stock in Hilton Worldwide Holdings Inc. and pared its stake in Deutsche Bank AG. It agreed to sell a Minneapolis office tower for $320 million to Samsung Group, people familiar with the matter said in June. Read original article |
