News Life and Health10 Jan 2019

China:Embattled HNA group to sell stake in life insurer

10 Jan 2019

Indebted HNA Group met bankers on 8 January to tout the assets, including a stake in a life insurer, that the conglomerate is putting on the block as it looks to raise funds and stave off an intensifying cash crunch, reported Reuters.

The range of assets spans hotel and other property projects, and stakes in struggling online lender Dianrong, insurer Bohai Life and brokerage HNA Futures.

HNA is the largest shareholder of Tianjin-based Bohai Life with a 20% stake held through Bohai Financial Investment Holding. Bohai Life had been a source of financing for HNA.

Faced with soaring debt and increased government scrutiny of aggressive deal making, the group has been ramping up asset sales over the past year. However the possible sale of many on the list of at least 20 assets presented to bankers and seen by Reuters has not been previously reported.

The list underscores how the group is shedding almost all non-core businesses as it pares back debt-fuelled acquisitions that once spread from Deutsche Bank to Hilton Worldwide.

HNA Group confirmed the meeting which it said was held to promote assets to be disposed of in real estate and finance, according to Chinese media reports. The group said that the proposed sales would put in effect strategic requirements to “focus on the main business of air transportation and healthy development”.



| Print | Share

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.


Recent Comments

There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.

Other News

Follow Asia Insurance Review