Troubled HNA Group Shuffles Assets to Raise Money
More details have emerged of plans by debt-ridden airlines-to-property conglomerate HNA Group to restructure some of its listed subsidiaries that have halted trading in their shares pending announcements of changes aimed at helping the company repay its borrowings.
Shanghai-listed HNA Infrastructure Investment Group Co., which is primarily involved in real estate development in China, will buy subsidiary HNA Finance I Co., an investment holding company, from another HNA unit, Beijing Hainan Airlines Finance Holding Co., for 10.38 billion yuan ($1.60 billion) through a cash and stock deal, according to a filing with the Shanghai Stock Exchange on Friday.
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