HNA Group Co Ltd, owner of Hainan Airlines Co Ltd, will pay HK$5.53 billion (US$713 million) for residential land in Hong Kong, the Chinese conglomerate's second major purchase in the city in the last three months.

In November, a subsidiary of HNA Group agreed to pay HK$8.8 billion for 11,300 square metres of residential land, almost double market forecasts. The transaction, HNA's first land acquisition in Hong Kong, was one of the most expensive land deals in 2016.

HNA's Hong Kong International Construction Investment Management Group Co Ltd said late on Wednesday it had won the tender for a site measuring 7,318 square metres.

The company beat rivals including China Overseas Land & Investment Ltd, Vanke Property Overseas Ltd, Poly Property Group Co Ltd, Sun Hung Kai Properties Ltd, Cheung Kong Property Holdings Ltd, New World Development Co Ltd and Sino Land Co Ltd , the Hong Kong government said.

HNA has also been active in the travel industry, buying caterer Gategroup Holding Ltd and stakes in Servair, hotels group Hilton Worldwide Holdings Inc and Brazilian airline Azul. HNA is in final talks over the purchase of Hahn Airport in western Germany.