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海航與香港開發商展開融資談判

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Cash-rich Hong Kong developers, distressed debt and private credit funds are lining up to offer financing to HNA, the indebted Chinese conglomerate, as it seeks to raise cash, bankers and property investors say.

銀行家和房地產投資者表示,現金充裕的香港開發商、不良債權投資基金和私人信貸基金正排隊向負債累累的中國綜合企業集團海航(HNA)提供融資。

In recent weeks HNA has entered talks with several developers led by Sun Hung Kai Properties and a number of other investors to secure $1.5bn to $2bn in loans that would be collateralised by its land holdings at the site of Hong Kong’s former airport, Kai Tak, which is being remodelled as a luxury residential property development.

最近幾周裏,海航已開始與由新鴻基地產(Sun Hung Kai Properties)領頭的幾家開發商和其他一些投資者展開了談判,希望以其在香港前啓德機場(Kai Tak)地塊所持的地皮作爲抵押,拿到15億至20億美元的貸款。啓德地塊正被改造成一個豪華住宅房地產開發項目。

HNA hopes to be able to borrow cheaply due to the high value of the Kai Tak site and is seeking an interest rate as low as 8 per cent, far below what would be considered a market level, the people added. If HNA were to default, any lender would then be in a position to develop the property itself.

上述人士補充稱,海航希望依仗啓德地塊的高價值借到低成本資金,正在尋求遠低於市場水平的低至8%的借款利率。如果海航違約,那麼任何貸款方都可以自行開發這個房地產項目。

“There have been very preliminary initial discussions,” a Sun Hung Kai spokesman said. “Nothing has transpired yet.”

“迄今進行了非常初步的討論,”一名新鴻基發言人表示說,“什麼都還沒有發生。”

The loans would most likely be used to refinance HNA’s debt falling due in coming months, people familiar with the matter said.

情人士說,這些貸款很可能被用來爲未來幾個月到期的海航債務再融資。

Sun Hung Kai would not put up the entire amount and is seeking to work with a bank on any potential transaction, said one person familiar with the matter.

一名知情人士表示,新鴻基不會拿出全部金額,正尋求與一家銀行就潛在交易達成合作。

HNA started as a regional airlines operator in the 1990s with an investment from billionaire fund manager George Soros. But in the past three years it has been on a global buying spree worth $40bn, taking large stakes in Deutsche Bank and Hilton Worldwide, financed largely with debt.

在1990年代,海航依靠億萬富翁基金經理喬治?索羅斯(George Soros)的一筆投資,以一家地區性航空公司起步。但過去3年裏,該集團在全球大舉收購,交易金額達400億美元(在很大程度上靠債務融資),包括買入德意志銀行(Deutsche Bank)和希爾頓全球(Hilton Worldwide)的大量股份。

A unit of HNA spent almost $3.5bn to acquire the land at the end of 2016, paying HK$13,000 ($1,700) per sq ft. At the time, most Hong Kong developers said privately that HNA was overpaying by at least 30 to 40 per cent. But since then the market has rallied and units being pre-sold in adjacent locations are fetching between HK$20,000 and HK$23,000 per sq ft.

2016年末,海航旗下一家企業斥資近35億美元買下了上述地塊,相當於每平方英尺1.3萬港元(合1700美元)。當時大多數香港開發商私下表示,海航支付的價格至少偏高30%至40%。但自那以來,市場上漲了,如今相鄰地段住宅單位的預售價格爲每平方英尺2萬港元至2.3萬港元。

HNA itself is suffering a severe cash crunch at a time when there is little distress in Asia generally amid low interest rates, lowering the burden of debt for most companies.

海航本身正面臨着嚴峻的現金緊缺。目前亞洲企業總體上不存在什麼困難,因爲低利率減輕了大多數公司的債務負擔。

As a result, “every distressed investor in Asia has seen one version of this structure or another”, according to one potential investor. “Any deal could come imminently. The biggest question is whether HNA gets cleaned up and bailed out or whether there is a reputational risk in helping HNA.”

其結果是,一位潛在投資者表示,“亞洲的每一家不良債權投資者都看到了這種或那種結構的某個版本……交易可能馬上就會達成。最大的問題是,海航是否會受到清理和救助,或者幫助海航是否帶有聲譽風險。”

HNA and its subsidiaries have issued about $20bn in US dollar-denominated bonds due to mature this year or next. The yields on three bonds issued by HNA’s main Hong Kong subsidiary have spiked in January.

海航及其子公司已發行了約200億美元的美元計價債券,這些債券將於今年或明年到期。今年1月,海航主要香港子公司所發行三種債券的收益率大幅升高。

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Elsewhere, HNA has displayed a need for quick cash. One of its US units late on Tuesday said in a regulatory filing that it had sold its 12 per cent stake in US-listed shipping group Dorian LPG.

在其他地方,海航也表現出快速獲得現金的需求。週二晚些時候,海航一家美國子公司在一份監管申報文件中稱,它已出售了在美國上市航運集團Dorian LPG所持的12%股份。

The sale represents a loss for the company. HNA Investment Management began building a stake in Dorian in mid-2015 and continued until early the following year, spending more than $80m. Since then, the company’s share price has more than halved, creating a loss of more than $35m, according to a review of regulatory filings.

這筆出售對該公司來說是虧損的。海航投資管理(HNA Investment Management)從2015年年中至2016年初分批買入Dorian股份,總共投入超過8000萬美元。監管文件顯示,從那時起,該公司的股價下跌超過一半,造成了逾3500萬美元的虧損。

Many of the assets HNA has acquired over the past three years have already been used as collateral in order to continue its buying spree.

爲了繼續其收購狂潮,過去三年海航收購的很多資產都已經被作爲抵押品。

HNA did not respond to a request for comment on any potential loan deal.

海航沒有迴應記者提出的就潛在貸款交易置評的請求。