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Can't help but be reminded of this: The Mitsubishi Estate Company of Japan plans to walk away from its almost $2 billion investment in Rockefeller Center, the
by apo 9y ago
Can't help but be reminded of this:
The Mitsubishi Estate Company of Japan plans to walk away from its almost $2 billion investment in Rockefeller Center, the Hope diamond of world real estate.
https://www.nytimes.com/1995/09/12/business/japanese-scrap-2-billion-stake-in-rockefeller.html https://www.nytimes.com/1995/09/12/business/japanese-scrap-2...
- seanmcdirmid 9y agoWe are already seeing that happen with HNA.
- fspeech 9y agoHNA seems to have made money on disposed assets so far. Maybe they are hanging onto the losers for now.
- seanmcdirmid 9y agoThey are about to take a huge loss on an old Park Avenue building in NYC. They made out on HK plots they sold. Heaven knows what will happen when they start unloading mainland properties.
- fspeech 9y agoInteresting to see how much the NYC property will go for. I don't think the regulators are that concerned about HNA's properties in China. Domestically it is a zero sum game. Their loss would be someone else's gain, as long as solvency of the banks is not threatened.
- seanmcdirmid 9y agoThey have to pay their loans...I think it is only a matter of time until Hainan Airlines starts having problems paying for fuel.