Chinese conglomerate HNA Group plans to offload much of its aviation and tourism businesses to flagship carrier HNA Airlines.
The company has accrued heavy debts after several years of big ticket acquisitions and is seeking a ‘major asset restructuring.’
HNA told the Shanghai stock exchange it will hand over West Air, Guilin Airlines, hotel investment firm HNA Hospitality Group, a flight training school and aviation maintenance businesses.
It also said HNA Airlines will take over management of an undisclosed overseas hotel operator.
HNA Group has a majority stake in Radisson Hotel Group and significant shareholdings in Hilton and NH Hotels.
HNA has spent a reported $50 billion in acquiring businesses in just the last two years.
It is mulling a public listing of Swiss airline caterer Gate Group and is said to be exploring a sale of its stake in Hilton timeshare division Hilton Grand Vacations.
It gave no valuation on the asset shift but has suspended trading in shares until April 10 while it completes the reorganisation.
