HNA Group states that President Wang Jian died in an accident in France

HNA Group Co., the formerly acquiring Chinese conglomerate that sold billions of dollars in assets this year amid growing borrowing costs, said that co-chairman Wang Jian died after an accident in Provence, France. He was 57 years old.

Wang, who was on a business trip, had a fall from which he could not recover, said HNA in a statement on his website. Wang died Tuesday morning after falling from a 15 meter high cliff while he was taking his picture to Bonnieux, according to a police officer from Avignon. Death is not considered suspicious, according to the officer.

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Wang's sudden death comes at a time when the group, one of the most indebted companies, has shown signs of putting her biggest problems behind her. Chinese senior leaders agreed to help HNA, people familiar with the subject said last month, bringing much needed relief to a company that could not generate enough profits last year to pay the interest charges. Building, the company that once symbolized China's insatiable appetite for global assets has reversed its course, selling more than $ 14 billion worth of buildings and stock, including its multi-billion dollar stake in the whole world. the end of an era of aggressive expansion by HNA, "said Corrine Png, CEO of Crucial Perspective Pte., a Singapore-based research firm specializing in transportation. "We will also overhaul the restructuring plans of HNA Group and related companies."

One of the US dollar borrowings of HNA in 2018 fell by 1.5 cents against the dollar, the largest decline since December. 12, from 16:59 in Hong Kong, according to Bloomberg prices. A bond due in 2019 has also fallen.

"The death of Wang Jian will certainly bring short-term shocks to the development of HNA's business," said Liu Feng, director of the Hainan Normal University Port Research Center. "But the long-term impact on the group will be limited."

Wang, the second-highest executive of the group, owned about 15 percent of the Chinese conglomerate, making him one of the biggest shareholders in the group, according to HNA's latest update of its structure. property. The other co-chairman of HNA, Chen Feng, and the senior official of the group, also holds a 15% stake

Wang earned an undergraduate degree in aviation management from the 39; University of Civil Aviation of China in 1983 and a master's degree in the administration of Holland Maastricht School of Management in 1995, according to HNA. In 1990, he helped establish Hainan Provincial Airlines Co. and was one of the founders of the group.

"Gifted Leader"

"We mourn the loss of an exceptionally talented leader and model, whose vision and values ​​continue to be a beacon for all who have had the chance to know him, as well as for the many others whose lives he has touched by his work and philanthropy, "said HNA in a statement on Business Wire

. $ 40 billion on a buying frenzy it becomes the major shareholder of companies such as Deutsche Bank AG and Hilton.HNA's financial difficulties began to emerge in the middle of last year, when its conglomerate paid the HNA's most recent annual report showed that the group had a debt of more than $ 90 billion.

Concerns over the financial situation of HNA increased in the following months as the government monitored the largest acquirers In November, HNA sold the most expensive short-term dollar bond of China and, a month later, China Citic Bank Corp. stated that one unit of the group had repayment difficulties . In January, as news about HNA's liquidity problems reached its peak, six of its listed shares were suspended.

However, financial worries have declined in recent months following a wave of asset sales. The $ 6.8 billion sale of Hilton Worldwide shares helping many of HNA's bonds to rebound to record lows. In June, HNA sold a bond in China after a rare five-month drought, signaling a crucial source of funding for the conglomerate that could open.

– With the help of Dong Lyu and Carrie Hong

( Updates with the commentary of the police in the second paragraph, commenting on the reaction to the fifth paragraph, History of the Ninth HNA )