HNA Group actually first grew out of Hainan Airlines, which began in 1989 as a regional carrier. Its main operations saw its aircraft flying between the provincial capital of Haikou and mainland China.
According to Reuters, HNA Group was once one of China’s most aggressive firms in acquiring stakes in foreign companies. In fact, the company spent US$50 billion on a global acquisition spree. This once included stakes in Deutsche Bank and Hilton Worldwide.
However, these aggressive moves attracted scrutiny from the Chinese government and other overseas regulators. As a result, it has been letting go of many of these purchases over the last two years. Consolidating its focus and efforts, it remains dedicated to its airline and tourism businesses. After selling off many of its purchases, HNA’s total debt by June 2019 had fallen by 30% to 525.6 billion yuan (US$75 billion).
"assistance" - Google News
March 01, 2020 at 05:02AM
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Hainan Airlines Parent Group To Receive Government Assistance - Simple Flying
"assistance" - Google News
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