SCMP cited source that, HNA Group’s HKICM Group (687) sold the last Kai Tak plot to Wheelock (020), at a price of HKD7.44 billion. HNA Group purchased the land at the same price in March 2017. In other words, even though the transaction contributed to an amount of HKD7.44 billion, the company had to bear a loss derived from foundation construction and interest rate of the period. 

HNA Group has already sold two of its Kai Tak plots to Henderson Land Development (012) at a price of HKD15.91 billion in February last year, and followed by a sale of another Kai Tak plot to Wheelock with an amount of HKD6.36 billion. Since HNA Group is a property developer who invested the Kai Tak lands the most, a total profit of HKD1.7 billion was generated for HNA Group from the sales of the above three parcels. If the transaction of the forth plot is successful, all the four plots can bring a total revenue of HKD22.27 billion to HNA Group, which expected maintain a balance between receipts and payments.

HKICM Group was suspended from trading this morning as it release of an announcement of constitutes a major transaction and contains inside information of the company. It was at HKD2.39 before its suspension.

Wheelock purchased it's first Kai Tak land in 2014 at a price of HK2.52 billion, and used the land for constructing Oasis Kai Tak residential flat. Chairman and managing director of Wheelock, Douglas Woo, said in March last year, if HNA Group considered to sell its fourth plot of Kai Tak land, the company has strong determination in successfully acquiring the plot.