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HNA surrenders control of its airlines business
Cash-strapped HNA Group has formally handed over control of its main airline operations to Fangda Group Industrial Co. HNA’s business restructuring is still ongoing and a government taskforce in charge of it will continue its work.
It includes Hainan Airlines as well as several other China-based carriers. The restructuring also saw HNA bring in Hainan Development Holdings Co. as an investor for its airport operations unit.
At one point HNA Group amassed about $310 billion of debt due to a never-ending series of acquisitions.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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