HNA holds its own Communist Party congress to rally support amid debt woes
There was no mention of HNA’s financial troubles, according to a statement, but its boss was keen to link its businesses with ideas promoted by Xi Jinping
Communist Party members at debt-laden aviation and financial conglomerate HNA Group were told at a meeting this week that its businesses were aligned with the ruling party, as they pledged their loyalty to Beijing.
About a thousand of HNA’s party members from 139 locations across the country joined a video conference on Thursday, repeating the party oath and pledging to better serve the country under the leadership of President Xi Jinping, according to a statement posted on the company’s official WeChat social media account.
Company chairman Chen Feng said in a speech that HNA would “consciously safeguard the Communist Party’s central authority with General Secretary Xi Jinping as the core” and “unswervingly follow the party”, referring to Xi’s title within the party.
“HNA is a Hainan company, rooted in China. HNA’s businesses also belong to the party, the people and mankind,” Chen said.
The conference was held at a time when HNA is eager for government support as it scrambles for funds to repay debts. The company that started as a small regional airline 25 years ago is under mounting pressure after a US$40 billion overseas investment spree ranging from an aircraft leasing firm in Ireland to 25 per cent of Hilton Worldwide and land in Hong Kong.
