(Yicai Global) Aug.17 -- Following its purchase of two Hainan-based subsidiaries of HNA Group onMarch 12, Chinese property developer Sunac China Holdings has taken overyetanotherasset of HNA Group in Hainan province.

Hainan Real Estate Group, aunitof gargantuan property developer HNA Group, has transferred 100 percent of its shares in Hainan Island Hangxiang Investment Development toSunac ChinasubsidiaryHainan Sunac Jiye Real Estate, state news portalThe Paperreported.

HNA Group and Sunac China failed to disclose the specific value of the deal, however.

The project under development by Hainan Island Hangxiang Investment Development -- Wanghai Science and Technology Square -- isprecisely where Tianjin-based HNA Group formerly had its headquarterswhen it was calledthe HNA building, publicdata show. Afterthe old building'sdemolitionin2012,the same site is nowunder reconstruction.

Sunac Chinaalsobought a Hainan-based real estate development company and a logistics company from HNA Groupsubsidiary Hainan Real Estate Groupfor CNY1.9billion(USD280 million) onMarch 12.

HNA Group has been frantically shedding its assets since thestart of the year.It successively sold Hilton Grand Vacations Club,Hilton Worldwide Holdings and othersfromMarch to AprilandtheRadisson Holdings it controlled to the hotel giant Shanghai Jin Jiang International Hotels Group on Aug. 9.

The companyhas been selling billions of dollarsworth ofassets to survive following the accidental death of Wang Jian, its co-chairman, inFrancelast month.

AmongChina's most indebted companies,HNAisin the midst ofan emergencyrestructuring. China's top leaders have reportedlypromised tobail outthefirm, whichwas unable toearnsufficientprofitslast yeartoservice its massive debts.

Fortune Global's 500listrankedHNA Group170thlast yearwith revenue ofUSD53.33 billion.

Editor: Ben Armour