Wang Jian, founder of Chinese conglomerate HNA, dies in an accident

Wang Jian, co-founder of HNA Group, a Chinese conglomerate that holds a significant stake in Hilton, died in an accident in France. ERIC PIERMONT / AFP / Getty Images

Wang Jian, co-founder and co-chair of HNA Group, a Chinese conglomerate with significant real estate properties across the United States, died in an accident at 39, a business trip to France on Tuesday. He was 57 years old.

HNA said in a press release Wednesday that Wang died after suffering "serious injuries" as a result of an accidental fall in Provence in southern France

. large wall (32 feet) near the Bonnieux church while trying to take a picture. He was with a group of 10 Chinese tourists. Wang's traveling companions told the local police that the fall was an accident, reported the radio station. French police probe more closely into the cause of death

Surprising news has inspired some conspirators to make connections between Wang's death and HNA's mysterious relationship with the Chinese government.

HNA is one of the many Chinese companies active between 2015 and 2017, in most cases with heavy borrowing. In October 2016, HNA purchased a $ 6.5 billion investment in Hilton Worldwide Holdings from the largest shareholder in the hotel chain, Blackstone. The agreement was reached just six months after HNA bought Carlson Hotels Inc., owner of Radisson Hotels, for an undisclosed amount.

At the end of 2017, fearing the risk of over-indebtedness, Beijing regulators ordered HNA and its acquiring colleagues like Dalian Wanda (owner of AMC) and Anbang Group (owner of the Waldorf Astoria hotel) in New York) to reduce their purchases abroad and gradually liquidate their foreign badets. In one extreme case, the Chinese government took control of the Anbang group after indicting its CEO, Wu Xiaohui, on charges of financial fraud.

Wang has not faced criminal charges like Wu. The HNA has received unsolicited support from the provincial government of Hainan, the HNA base, with fundraisers this year, the BBC reported .

So far, in 2018, HNA has unloaded $ 1 billion from Hilton's holdings and is in the process of badysts waiting for Wang's sudden death to accelerate the liquidation of the company. 39; active HNA. "[HNA’s] The disposal of its badets abroad will probably be accelerated because it is in the interest of the company." Wu Kan, a fund manager at Shanshan Finance in Shanghai , said Wednesday in Hong Kong South China Morning Post .

Wang and his co-chairman, Chen Feng, each have 15 pe number of HNA shares. Last year, the two companies pledged to donate all their shares to two charities – Hainan Cihang Charity Foundation and Hainan Province Cihang Foundation – in case of resignation or death.The two companies already hold 52 percent of the company

The shares of the company Wang will be redistributed according to this agreement, the South China Morning Post reported