China’s HNA Group has reached a deal to sell a building in Sydney to Blackstone Group for about $161 million, two people with direct knowledge of the matter said, as the embattled company divests some holdings and seeks new funding.

This is the latest in a series of measures taken by the aviation-to-financial services conglomerate to address a liquidity crunch, triggered by a debt-fuelled $50 billion acquisition spree over the past two years.

HNA sold an office building located in 1 York Street in Sydney to Blackstone, one source said. The group had bought the asset in 2011 for around A$117 million, the other person said.

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