(Yicai Global) March 27 -- Avolon Aerospace Leasing Ltd., a subsidiary of cash-strapped HNA Group Co., has agreed to sell 41 airplanes and their existing leases to Sapphire Aviation Finance I Ltd. for USD884 million.

After transferring the assets, Republic of Ireland-based Avolon will continue to manage the planes and charge 3 percent of lease income as a management fee, Avolon's direct parent Bohai Capital Holding Co. said in a statement. When Sapphire sells the assets, the original owner will take a 1.5 percent cut of the sale price as commission.

The aim of the move is to "maintain good liquidity" and "help the company buy newer models and improve its competitiveness in the global air charter market," the statement added. Sapphire will pay for the planes using proceeds from a private offering of asset-backed and equity notes. Avolon will subscribe to 10 percent of the equity notes for up to USD10 million, and a non-affiliated investor will subscribe to the remainder. The asset-backed notes will be worth up to USD768 million.

The sale comes on the back of a string of divestments made by HNA Group after a USD50-billion international shopping spree that spanned the past two years and sparked a regulatory investigation into its borrowing and ownership structure. Its most recent sale was that of a flagship development in its hometown Haikou, Hainan province, but it has also sold off properties in Hong Kong and New York and let go of stakes in Hilton Grand Vacations Inc. and Deutsche Bank AG. As of March 21, it had sold off CNY62.6 billion (USD10 billion) in assets so far this year.

The group has contracted with major real estate consultants Jones Lang Lasalle Inc. and Cushman & Wakefield to sell more assets abroad, the Hong Kong Economic Times reported on March 14. It is also seeking buyers for offices in New York, London and San Francisco as well as its resorts in French Polynesia, the Wall Street Journal said on March 13.

Financial holding group Bohai specializes in aircraft leasing and offers planes, containers, infrastructure, high-end equipment and financial services to more than 1,000 clients around the world. It has about 30 operation centers worldwide and is fully licensed on the Chinese mainland.