The China-based HNA Group is to acquire properties in Australia. Adam Tan, HNA Group's executive chairman said, "We are coming to Australia where we want to lift our presence."

Mr Tan said HNA Group was negotiating to purchase two four-star hotels, priced at "US$80 million to US$90 million" in Sydney and had tendered for a seaport in Western Australia, which, if successful, would involve an investment of more than US$100 million.

He said the group had failed in a bid for a five-star hotel recently but was now concentrating on two other hotels in Sydney.

HNA's core business is its Hainan Airlines, which is seeking landing rights in Sydney and Melbourne.