Cash-strapped Chinese conglomerate HNA continues its hunt for liquidity.

HNA Group, the largest shareholder of Deutsche Bank, is using every tool in the box to reduce its ballooning mountain of debt. In recent weeks, a subsidiary of the Chinese conglomerate sold a Sydney commercial property to private equity firm Blackstone for A$205 million.

Even more disposals are said to be in the works, with the troubled firm entering talks with Hong Kong real estate developers to secure $1.5 billion to $2 billion in loans that would be collateralized by its large land holdings in the territory, according to a report in the «Financial Times» (paywall)

Swiss IPO

Speculation is growing around additional sales of assets in the U.K. as well as Hong Kong. Among assets in Britain, HNA owns the 10-story building in London's Docklands which is home to Thomson Reuters

Last week, the conglomerate said it was hoping to list its airport cargo handler subsidiary Swissport on the SIX Swiss Exchange in Zurich this year. HNA's portfolio includes aviation, real estate, financial services, tourism and logistics.

Could the Deutsche stake follow? HNA has vigorously denied it wants out of the German lender, which it binged on debt lined up by rival UBS to purchase.

Deutsche Dilemma 

The firm increased its stake in Germany's largest bank to 9.92 percent last year during a $40 billion global investment splurge. The holdings in Deutsche Bank are not supporting HNA's case either, with the Frankfurt based bank recently posting its third consecutive annual loss in 2017.

This was further compounded by reports that the German lender would also be ponying up $70 million to settle a long running U.S. regulator's claims that Deutsche traders sought to manipulate a benchmark for interest rate derivatives and other financial instruments.

In a speech last week, Deutsche CEO John Cryan asked for yet more time to turn the German bank's fortunes around. The bank's largest shareholder however might not have the patience – or the financial wherewithal.