HNA Group, a Chinese conglomerate that owns hotels, golf courses and Hainan Airlines, expanded its Hong Kong headquarters before embarking on its land acquisition spree in the city.

The group in October leased another 15,776 square feet of office space on the 37th floor of Two International Finance Centre in Central for a monthly rent of HK$2.76 million, or HK$175 per square foot, according to Lands Registry records.

The lease will last until September, 2020.

Agents said the monthly rent was the market rate. The grade-A office building has reached rents as high as HK$200 per sq ft per month.

"As it is a market norm for landlords to offer rent-free periods to tenants, the monthly amount will be lower if taking into account these incentives," said a property agent who did not wish to be named.

Together with the existing 8,952 sq ft on the 58th floor of the building, its headquarters in Hong Kong has now grown to 24,728 sq ft.

HNA group started buying up land in December. It won two residential sites in Kai Tak for a total of HK$14.25 billion through government tender. It paid a record HK$13,600 per sq ft for one plot.

Besides Hong Kong, the group on Wednesday said it would launch its first foray into New Zealand with the acquisition of asset financing business UDC Finance for NZ$660 million (HK$3.5 billion).