HNA Group is reported to have placed its Dublin-based aircraft leasing company Avolon up for sale, as the Chinese conglomerate reduces its heavy debt load. Avolon was purchased by a subsidiary of HNA in 2015. The current valuation of Avolon is $23.7 billion based on the recent 30% stake sale to ORIX of Japan earlier this month.
Overall, HNA is looking to sell its entire portfolio of overseas aviation and logistic holdings, which could be sold as one package or individually.
Although mentioned in the report, CIT Aircraft Leasing has already been integrated into lessor Avolon, which is 70% owned by a subsidiary of HNA, Bohai Leasing Co. Avolon Holdings completed of the acquisition of CIT in late 2017.