The death of HNA Executive risks more turbulence to the Chinese giant

The agitation was compounded at HNA Group Co., the Chinese conglomerate that sold billions of dollars worth of assets to stay afloat, after the death of its director ° 2 during a tour in the south-east of France. , who helped found the group more than two decades ago, fell from a height of about 15 meters on Tuesday while his photo was taken in the village of Bonnieux, said a police officer, adding that death was not seen as suspicious. HNA declined to comment beyond saying that the 57-year-old, in France on business, died after an accidental fall in Provence

, one of the most indebted companies in China, is undertaking an urgent restructuring. He showed signs of putting his biggest problems behind him. People familiar with the subject said last month that China 's top leaders had agreed to help the company, which could not generate enough profits in 2017 to pay the fees. interests. Said Liu Feng, director of the Hainan Normal University Free Trade Port Research Center. "But the long-term impact on the group will be limited."

A HNA dollar bond, maturing in December, slipped 0.25 cents on the dollar Thursday, a day after falling the most since January, according to the data. compiled by Bloomberg. Shares of Several HNA Companies – HNA Innovation Co., Hong Kong International Construction Investment Management Group Co., CWT International Ltd. and Hifood Group Holdings Co. – fell to Hong Kong and Shanghai trade. The shares of HNA Infrastructure Co. have increased.

Wang was the second only to co-chairman Chen Feng in the HNA hierarchy, and owned about 15% of the conglomerate, making it one of the biggest shareholders in the group, according to HNA. update of its ownership structure. Chen also holds a 15% interest. HNA said last year that its leaders plan to donate all of their shares to Cihang Charities, which hold the majority of the HNA in case of resignation or death. Eventually, HNA expects the foundations to hold 100 percent of the group, said the company at the time.

Wang played a decisive role during the era of the construction of the HNA empire and its subsequent dismantling. The company, which once symbolized China's insatiable appetite for global assets, has since retreated by selling more than $ 14 billion worth of buildings and stock this year, including its multi-billion dollar stake. dollars in […] He attempted to climb a retaining wall near a rock at the top of Bonnieux, a picturesque village, said Lt. Col. Hubert Meriaux, a police officer nearby. Avignon. An autopsy conducted on Wednesday morning revealed no suspicion in his death, he said.

Although he rarely spoke to the media, Wang, along with CEO Adam Tan, often served HNA's face to global investors. the partners. At a lavish event in March 2017 on the 100th floor of the Hong Kong International Trade Center, Wang was the highest dignitary of HNA at a party with hundreds of guests, including some of the greatest bankers in the city. Leaders of Glencore Plc were also present, and hours later he announced to HNA the sale of a controlling stake of $ 775 million in his oil storage and logistics business

. The 31st Annual Purim Ball Museum at Park Avenue Armory in New York last year, where he received a gift in front of 700 guests – a crystal bowl decorated with two gold roosters – to mark the day. year of the rooster of the Chinese calendar.

Wang has led the group's expansion in recent years, when he spent more than $ 40 billion in trophy assets and became the largest shareholder of international giants like Deutsche Bank AG and Hilton, according to relatives of HNA. Set up the financing unit in Hong Kong and push in the new media were his ideas, people said. A representative of the HNA could not comment immediately.

Wang, a pious Buddhist, has set a goal that HNA will become one of the top Fortune 500 companies, arguing that it would be the most effective way to increase its visibility. people said. HNA s is ranked 170th on the list last year, up 183 places.

He did not only focus on the big picture, according to one of the people. His attention to detail has extended to the choice of office furniture and to the installation of a statue of Guan Yu, a legendary general during the Three Kingdoms period, in one of the HNA offices in Hong Kong

. said Corrine Png, CEO of Crucial Perspective Pte., a Singapore-based research company focused on transportation. "He will also hand over the restructuring plans of HNA Group and companies related to the drawing board."

Wang earned an undergraduate degree in Aviation Management from the University of Civil Aviation from 1983 and a Master of Business Administration from Maastricht in 1995, according to HNA . In 1990, he helped establish Hainan Provincial Airlines Co. and was one of the founders of the group.

Following its now infamous acquisition spree, the group 's financial struggles began to emerge in the middle of last year, when the Chinese government began to examine notorious acquirers such as HNA, [19659025] Dalian Wanda Group Co. and Anbang Insurance Group Co. Borrowing costs skyrocketed as its interim report showed that the conglomerate had paid the highest expenditure of interest among non-financial corporations in Asia, a trend that has continued throughout 2017. The latest HNA annual report showed that the group had more than $ 90 billion in debt.

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

Financial worries have eased in recent months after a wave of Hilton Worldwide shares' asset sales, helping many HNA bonds to rebound from the historic 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, Carrie Hong, Matthew Campbell, and Daniela Wei

( Updates with bonds, stock prices in the fifth paragraph. )