Posted: April 18th, 2018
Today the Wall Street Journal picked up reporting originally published here on DE-Tenants.org a month ago. DE-Tenants has been investigating the assets and holdings of Qatari elites and the country's sovereign wealth fund, which has partnered with Douglas Emmett.
DE-Tenants.org revealed that Chen Guoqing (陈国庆), a principal of HNA, along with his wife and associated corporate vehicles have been linked through property records to a vast portfolio of luxury homes that includes at least 21 homes in the greater New York City area estimated to be worth nearly $200 million in total. They retain 15 of the homes at present, worth over $160 million. Chen Guoqing is the brother of HNA’s chairman, Chen Feng (陈峰).
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Today, the Journal repeated our story, including additional details about HNA’s chief executive Adam Tan, also known as Tan Xiangdong. Per the Journal, “[a]s Chinese conglomerate HNA Group works to raise capital, its executives and a company headed by the CEO’s brother own trophy homes throughout metro New York”.
The Journal contrasts the “financial travails” of HNA to the “vast portfolio of luxury homes” linked to HNA associates. The vast personal holdings of these HNA associates contrast sharply with a company that is resorting to asset sell-offs and borrowing from its own employees.
The Journal spotlighted “four pricey residences at the megatower One57, the Billionaire’s Row megalith” located in midtown Manhattan and linked to Chen Guoqing. The units were purchased for a combined $151.34 million in 2014 and 2015, public records show. However, the units may be under water. Per the Journal, units at the building have been trading at a significant discount to their original sales prices in recent months, due in part to a glut of luxury inventory on the market in Manhattan.
DE-Tenants.org continues to examine the relationship between the Los Angeles-based real estate company known as Douglas Emmett Inc. and the government of Qatar which provides financial backing to Douglas Emmett. Qatari royalty also hold significant investments in Germany’s largest financial institution, Deutsche Bank, alongside co-investor HNA Group.
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