SINGAPORE (Reuters) - China's HNA Investment Group Co Ltd has terminated its plan for a REIT (real estate investment trust) project in Singapore, another setback for indebted parent HNA Group.
HNA Investment Group has terminated its HNA Commercial REIT project with Singapore's AEP Investment Management Pte Ltd, it said in a filing to the Shenzhen stock exchange.
"Both parties have decided to terminate this cooperation as the HNA Commercial REIT's IPO has been progressing very slowly due to many factors," HNA Investment said. It did not give further details on what the factors were.
HNA Investment said in March last year it had signed a framework agreement with AEP on the REIT, which will be listed in Singapore.
HNA Investment is one of seven HNA Group units that has announced a trading halt as the parent faces rising financing costs after a two-year $50 billion acquisition spree.
(Reporting by Lee Chyen Yee in SINGAPORE and Meg Shen in HONG KONG, editing by David Evans)