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Debt-Heavy HNA Suspends Shares in Tourism Unit

HNA’s Qingdao building is seen on July 28, 2016. Due to heavy debt levels, HNA has suspends trading of shares in tourism unit HNA-Caissa. Photo: Visual China
HNA’s Qingdao building is seen on July 28, 2016. Due to heavy debt levels, HNA has suspends trading of shares in tourism unit HNA-Caissa. Photo: Visual China

Trading in shares of a unit of HNA Group was suspended on Friday after the indebted conglomerate’s chairman admitted his company is facing liquidity difficulties due to a recent global buying spree.

In requesting the halt, HNA-Caissa Travel Group Co. Ltd. – a tourism agency focusing on trips to overseas destinations – cited “undisclosed major issues that may have significant impact on the company’s stock price,” according to a filing with the Shenzhen stock exchange. Trading will be resumed pending a further announcement, the document said.

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