https://www.scmp.com/rss/325808/feed HNA Group is primarily an aviation services company that also has business that spans investment management, tourism development and other industries. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Yuke Xie Yuke Xie Chen Feng, a founder of the defunct Chinese conglomerate HNA Group, has been sentenced to 12 years in prison and is subject to a penalty of 221 million yuan (US$30.8 million), nearly four years after he was detained by police. The 72-year-old businessman was charged with harming the interests of a listed company, fraudulently obtaining loans and a breach of duty through misappropriation, according to a court document. The government said 40 million yuan in personal assets were ordered to be... https://www.scmp.com/business/companies/article/3318643/chen-feng-founder-chinese-conglomerate-hna-sentenced-12-years-prison?utm_source=rss_feed https://www.scmp.com/business/companies/article/3318643/chen-feng-founder-chinese-conglomerate-hna-sentenced-12-years-prison?utm_source=rss_feed Thu, 17 Jul 2025 14:39:57 +0000 Cannix Yau Cannix Yau Hong Kong Airlines will launch flights to Urumqi in far western China in August and to Melbourne later, after making an ambitious comeback from a debt crisis three years ago and recording a 60 per cent year-on-year rise in passenger numbers in 2024. In an exclusive interview with the Post, airline president Jeff Sun Jianfeng said the airline, once struggling with losses and debts, had returned to profitability in 2023 after Hong Kong opened up to post-Covid international travel. He also noted... https://www.scmp.com/news/hong-kong/transport/article/3312797/hong-kong-airlines-open-routes-urumqi-melbourne-after-overcoming-debt-woes?utm_source=rss_feed https://www.scmp.com/news/hong-kong/transport/article/3312797/hong-kong-airlines-open-routes-urumqi-melbourne-after-overcoming-debt-woes?utm_source=rss_feed Tue, 03 Jun 2025 00:30:06 +0000 Hong Kong Airlines will return to North America early next year by resuming its Vancouver route, the carrier’s chairman has said, hailing the move as part of its transformation into an international operator. Yan Bo, the chairman of Hong Kong Airlines, announced on Thursday the service to the Canadian city would return on January 18, with details to be unveiled later. “This strategic move signifies the airline’s transformation from a regional carrier into an international airline, with a focus... https://www.scmp.com/news/hong-kong/transport/article/3287582/hong-kong-airlines-return-north-america-next-year-vancouver-route?utm_source=rss_feed https://www.scmp.com/news/hong-kong/transport/article/3287582/hong-kong-airlines-return-north-america-next-year-vancouver-route?utm_source=rss_feed Thu, 21 Nov 2024 11:17:37 +0000 Yulu Ao Yulu Ao HNA Group (International), an investment arm of Chinese conglomerate HNA Group, on Wednesday was granted a reprieve against two winding-up petitions in Hong Kong after a judge adjourned the hearing by six weeks. Justice Hui Ka-ho pushed the court hearing to August 14, giving the Hong Kong-based company time to clean up its house and negotiate with creditors. It was the first time a case was brought against HNA Group (International) after it defaulted on a US$200 million bond in 2021. Golden... https://www.scmp.com/business/china-business/article/3268959/hong-kong-court-adjourns-winding-trial-hna-group-6-weeks?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3268959/hong-kong-court-adjourns-winding-trial-hna-group-6-weeks?utm_source=rss_feed Wed, 03 Jul 2024 04:12:29 +0000 Hong Kong Airlines has launched a new route to Xining in Qinghai province, one of eight newly added mainland Chinese cities to a solo traveller scheme. The carrier said on Friday it would offer two flights per week to the mainland city from July 9. It added the new service was prompted by Beijing’s decision last month to allow residents from Taiyuan, Hohhot, Harbin, Lhasa, Lanzhou, Xining, Yinchuan and Urumqi to visit Hong Kong without the need to join a tour group. Calls have been mounting for... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3268517/hong-kong-airlines-swoops-new-route-xining-qinghai-provinces-economic-centre?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3268517/hong-kong-airlines-swoops-new-route-xining-qinghai-provinces-economic-centre?utm_source=rss_feed Fri, 28 Jun 2024 11:47:34 +0000 Bohai Leasing, a Shenzhen-listed arm of failed Chinese conglomerate HNA Group, is kicking off the sale of its container leasing business Seaco, according to people familiar with the matter. The company is working with an adviser to solicit bids for Seaco, for which it hopes to fetch a valuation of more than US$5 billion including debt, said the people, who asked not to be identified because they were not authorised to speak publicly. Infrastructure funds may show interest in the asset, the... https://www.scmp.com/business/china-business/article/3251328/hna-arm-bohai-soon-start-us5-billion-sale-container-lessor-seaco-sources-say?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3251328/hna-arm-bohai-soon-start-us5-billion-sale-container-lessor-seaco-sources-say?utm_source=rss_feed Thu, 08 Feb 2024 02:34:54 +0000 Hong Kong Airlines has recovered to 75 per cent of its pre-pandemic number of flights and the financial state of the carrier is “very healthy”, chief executive Jeff Sun Jianfeng has said. Sun, head of the second-largest airline in the city, told the Post on Friday that popular destinations Japan and Thailand had already reached 100 per cent of pre-pandemic flight levels as the carrier looked to increase its fleet and international network. The airline, which hit the 75 per cent target four... https://www.scmp.com/news/hong-kong/transport/article/3232337/hong-kong-airlines-launch-weekend-giveaway-tickets-it-marks-return-75-cent-pre-coronavirus-flight?utm_source=rss_feed https://www.scmp.com/news/hong-kong/transport/article/3232337/hong-kong-airlines-launch-weekend-giveaway-tickets-it-marks-return-75-cent-pre-coronavirus-flight?utm_source=rss_feed Fri, 25 Aug 2023 10:57:45 +0000 HNA Aviation Group, which operates China’s fourth-largest aircraft fleet, has ordered 100 planes from the Commercial Aircraft Corporation of China (Comac), giving the state-run manufacturer a leg up in its race to catch up with Airbus and Boeing in the global aviation industry. HNA signed a contract for 60 of Comac’s C919 single-aisle passenger jet and 40 of the ARJ21 regional jetliners yesterday in Shanghai, according to a statement that did not divulge financial details. The procurement is a... https://www.scmp.com/business/china-business/article/3218713/hna-aviation-buys-100-planes-comac-giving-chinas-home-grown-aircraft-builder-leg-its-bid-catch?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3218713/hna-aviation-buys-100-planes-comac-giving-chinas-home-grown-aircraft-builder-leg-its-bid-catch?utm_source=rss_feed Fri, 28 Apr 2023 07:30:09 +0000 Creditors have approved the US$6.2 billion debt restructuring plan of Hong Kong Airlines, with the case set to be heard in Hong Kong and UK courts later this month, the South China Morning Post has learned. Three groups of creditors, previously separated into unsecured creditors, critical lessors and perpetual note holders by the restructuring plan, voted for the proposal, despite objections from certain peers, according to people familiar with the matter. An ad hoc group representing some... https://www.scmp.com/business/banking-finance/article/3202104/hong-kong-airlines-us62-billion-debt-revamp-approved-creditors-hearings-hong-kong-and-london-courts?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3202104/hong-kong-airlines-us62-billion-debt-revamp-approved-creditors-hearings-hong-kong-and-london-courts?utm_source=rss_feed Mon, 05 Dec 2022 07:57:30 +0000 Hong Kong Airlines will face a second hearing in a British court next month on its US$6.2 billion debt restructuring plan, as the carrier’s path back to profits was waylaid by the travel slump during the Covid-19 pandemic and a 65 per cent slash in headcount. An ad hoc group of bondholders with 40 per cent of the voting rights on HK$6.6 billion (US$841 million) of perpetual notes will hold a vote on the debt workout plan by the airline, a unit under the former serial asset buyer HNA Group, which... https://www.scmp.com/business/banking-finance/article/3197407/hong-kong-airlines-face-second-hearing-us62-billion-debt-restructuring-uk-after-revenue-slump-and?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3197407/hong-kong-airlines-face-second-hearing-us62-billion-debt-restructuring-uk-after-revenue-slump-and?utm_source=rss_feed Thu, 27 Oct 2022 04:52:19 +0000 A luxury house on The Peak in Hong Kong has reportedly been sold by creditors of the bankrupt Chinese conglomerate HNA Group at a loss of some HK$120 million (US$15.4 million). House 6 at Twelve Peaks in the exclusive neighbourhood was sold to Guo Deying, who shares the same name as the founder of Coolpad Group, for HK$387 million two weeks ago, according to HK01, a local online news portal. The details were confirmed by several property agents approached by the Post. The price was 23.5 per cent... https://www.scmp.com/business/article/3164820/luxury-house-peak-formerly-owned-bankrupt-hna-group-sells-loss-us154?utm_source=rss_feed https://www.scmp.com/business/article/3164820/luxury-house-peak-formerly-owned-bankrupt-hna-group-sells-loss-us154?utm_source=rss_feed Wed, 26 Jan 2022 12:01:47 +0000 Lui Che-woo, one of Hong Kong’s wealthiest men with a casino, hotels and apartments under his belt, met his match in late 2016 when his company K Wah International lost a bidding war to a Chinese airline that was on a land grab in the world’s most expensive real estate market. The HNA Group, a conglomerate built around Hainan Airlines, paid a record HK$8.84 billion (US$1.13 billion) for a residential land plot at Hong Kong’s former Kai Tak airport, paying substantially over the market’s... https://www.scmp.com/business/article/3159327/hong-kong-developers-shop-bargains-chinas-once-deep-pocketed-asset-buyers?utm_source=rss_feed https://www.scmp.com/business/article/3159327/hong-kong-developers-shop-bargains-chinas-once-deep-pocketed-asset-buyers?utm_source=rss_feed Sat, 11 Dec 2021 06:23:14 +0000 Hainan Airlines Holding plans to sell new shares to raise around US$7.9 billion , the majority of which will be used to reduce financial obligations as the struggling carrier inches ahead with its restructuring plan. The aviation unit of China’s debt-laden conglomerate HNA Group expects to issue 16.4 billion new shares, of which 4.4 billion will be sold to strategic investors for 2.8 yuan apiece, according to an exchange filing Tuesday. The remaining 12 billion shares will be gifted to creditors... https://www.scmp.com/business/banking-finance/article/3158035/hainan-airlines-plans-raise-us79-billion-stock-sale-slash?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3158035/hainan-airlines-plans-raise-us79-billion-stock-sale-slash?utm_source=rss_feed Wed, 01 Dec 2021 09:36:46 +0000 The LVMH group is considering opening its first Louis Vuitton duty-free store in China in southern Hainan province in a move that would mark a new strategy for the world’s largest luxury label, according to two sources. Executives are looking at the possibility of opening the store in the Haitang Bay shopping centre in Sanya, through an agreement with the mall’s state-owned operator, China Duty Free Group, they added. The mall, with the world’s largest duty-free shopping, opened in late... https://www.scmp.com/business/companies/article/3155829/lvmh-considers-opening-its-first-louis-vuitton-duty-free-store?utm_source=rss_feed https://www.scmp.com/business/companies/article/3155829/lvmh-considers-opening-its-first-louis-vuitton-duty-free-store?utm_source=rss_feed Fri, 12 Nov 2021 07:07:37 +0000 Creditors of the HNA Group have been given the go-ahead to sell its assets after the Hainan High Court in HNA’s home province on Sunday approved the multibillion dollar restructuring of China’s largest corporate bankruptcy case. Up for grabs are 321 companies out of more than US$40 billion of HNA’s corporate assets spread out in aviation, airports, finance and commerce, including a 45-storey Manhattan office tower and a luxury villa in Hong Kong’s most exclusive residential address. Three of the... https://www.scmp.com/business/article/3154446/hnas-creditors-get-go-ahead-sell-global-assets-multibillion-dollar?utm_source=rss_feed https://www.scmp.com/business/article/3154446/hnas-creditors-get-go-ahead-sell-global-assets-multibillion-dollar?utm_source=rss_feed Mon, 01 Nov 2021 09:30:30 +0000 Two top executives of HNA Group have been detained by China’s police, days after one of the country’s largest private conglomerates was broken down into four separate businesses following its bankruptcy restructuring. HNA’s founder and former chairman Chen Feng, and the former chief executive Adam Tan Xiangdong have been detained by police on “suspected crimes,” the group said in a statement in its official WeChat account. “HNA Group and its member enterprises are operating in a stable and... https://www.scmp.com/business/companies/article/3150043/hnas-founder-chen-feng-chief-executive-adam-tan-xiaodong?utm_source=rss_feed https://www.scmp.com/business/companies/article/3150043/hnas-founder-chen-feng-chief-executive-adam-tan-xiaodong?utm_source=rss_feed Fri, 24 Sep 2021 13:36:39 +0000 HNA Group, one of China’s largest global asset buyers spawned from the country’s largest privately owned airline, will be divided into four parts, with each unit operating independently, according to a restructuring blueprint unveiled over the weekend. The development pushed the share price of its listed unit higher in Hong Kong. “As the bankruptcy reorganisation has entered the final stage, we will do our best to ensure that risks are resolved in a steady and orderly manner,” said Gu Gang,... https://www.scmp.com/business/companies/article/3149400/hna-group-be-broken-four-independent-units-chinese-conglomerates?utm_source=rss_feed https://www.scmp.com/business/companies/article/3149400/hna-group-be-broken-four-independent-units-chinese-conglomerates?utm_source=rss_feed Mon, 20 Sep 2021 06:18:19 +0000 The administrators of HNA Group’s debt restructuring programme have decided on strategic investors for the Chinese conglomerate’s airline and airport businesses. Liaoning Fangda Group Industrial will be the strategic investor for HNA’s flagship airline business while Hainan Development Holdings will invest in its airport business, according to exchange filings on Sunday by Hainan Airlines Holding and HNA Infrastructure Investment Group. Hainan Airlines and HNA Infrastructure both plan to issue... https://www.scmp.com/business/companies/article/3148488/hna-group-finds-strategic-investors-airline-airport-businesses?utm_source=rss_feed https://www.scmp.com/business/companies/article/3148488/hna-group-finds-strategic-investors-airline-airport-businesses?utm_source=rss_feed Sun, 12 Sep 2021 13:34:09 +0000 A 4,600 sq ft luxury penthouse in Hong Kong, which was previously owned by the debt-laden mainland Chinese conglomerate HNA Group, has been put up for sale by creditors. The fully furnished four-bedroom flat is on the 45th floor of 39 Conduit Road, Mid-Levels, one of the most prestigious addresses in the world’s most expensive property market. The property was bought by Billion Able Corporation in April 2015 for HK$433 million (US$55.6 million), or about HK$94,150 per square foot, according to... https://www.scmp.com/business/article/3145536/hnas-luxury-flat-hong-kong-sale-over-debt-laden-chinese-conglomerates?utm_source=rss_feed https://www.scmp.com/business/article/3145536/hnas-luxury-flat-hong-kong-sale-over-debt-laden-chinese-conglomerates?utm_source=rss_feed Wed, 18 Aug 2021 23:30:18 +0000 Embattled Chinese conglomerate HNA Group will delay the submission of a proposal for the restructuring of its heavily indebted airlines-to-property business, as China’s state-owned carriers have steered clear of bailing out the country’s biggest private-sector carrier, according to sources familiar with the matter. The restructuring of Hainan-based HNA will most probably involve consortiums comprising multiple companies. The government working group that seized control of HNA in late February... https://www.scmp.com/business/companies/article/3144527/state-airlines-shy-away-hna-restructuring-which-postponed-three?utm_source=rss_feed https://www.scmp.com/business/companies/article/3144527/state-airlines-shy-away-hna-restructuring-which-postponed-three?utm_source=rss_feed Tue, 10 Aug 2021 09:30:09 +0000 China’s HNA Group said some 67,400 creditors are seeking a total of 1.2 trillion yuan (US$187 billion), according to a person who attended the conglomerate’s online meeting for creditors on Friday. The company has confirmed 405.7 billion yuan in claims as valid and has rejected 353.5 billion yuan in claims, the person quoted Ren Qinghua, the head of HNA’s liquidation team, as saying. Another 156.5 billion yuan in claims are being assessed as part of a preliminary review while some claims have... https://www.scmp.com/business/companies/article/3136135/hna-group-faces-us187-billion-claims-67400-creditors-according?utm_source=rss_feed https://www.scmp.com/business/companies/article/3136135/hna-group-faces-us187-billion-claims-67400-creditors-according?utm_source=rss_feed Fri, 04 Jun 2021 14:58:28 +0000 Shanghai Yuyuan Tourist Mart Group, a leading retailer in China controlled by conglomerate Fosun International is setting up a 40 billion yuan (US$6.4 billion) company that will invest in airlines. The retailer said in a filing to the Shanghai Stock Exchange on Thursday that it would shell out up to 10 billion yuan to establish the business. The rest of the capital will be contributed by unnamed partners. The new entity will be called Yuyuan Aviation Industry Limited Partnership, according to... https://www.scmp.com/business/companies/article/3134201/fosun-retail-unit-yuyuan-sets-us64-billion-firm-invest-airlines?utm_source=rss_feed https://www.scmp.com/business/companies/article/3134201/fosun-retail-unit-yuyuan-sets-us64-billion-firm-invest-airlines?utm_source=rss_feed Thu, 20 May 2021 10:00:23 +0000 Hainan Airlines Holding, the aviation unit of debt-laden Chinese conglomerate HNA Group, has posted the biggest-ever annual loss among listed Chinese companies. Hit by the outbreak of Covid-19 and provisions for asset losses linked to a restructuring at its parent firm, the Haikou-based carrier reported a loss of 64 billion yuan (US$9.9 billion) for 2020, or 3.83 yuan per share, it said in an exchange statement on Friday. And the airline continues to be unprofitable this year too – it reported a... https://www.scmp.com/business/companies/article/3131770/hainan-airlines-hit-covid-19-and-hna-group-restructuring-posts?utm_source=rss_feed https://www.scmp.com/business/companies/article/3131770/hainan-airlines-hit-covid-19-and-hna-group-restructuring-posts?utm_source=rss_feed Fri, 30 Apr 2021 08:16:04 +0000 Shares of Hainan Airlines Holding plunged on Monday after the company said that it expected to post an annual loss of as much as US$10.06 billion, as its parent HNA Group’s bankruptcy restructuring has caused its assets to depreciate significantly. The Shanghai-listed firm finished the day 9.8 per cent lower at 1.38 yuan, close to the daily cap of 10 per cent. The largest private airline in China said in an exchange filing on Saturday that its projected loss for 2020 could reach between 58... https://www.scmp.com/business/markets/article/3120038/hainan-airlines-slumps-close-daily-limit-shanghai-after-it-warns?utm_source=rss_feed https://www.scmp.com/business/markets/article/3120038/hainan-airlines-slumps-close-daily-limit-shanghai-after-it-warns?utm_source=rss_feed Mon, 01 Feb 2021 06:11:22 +0000 Three units of HNA, once China’s most acquisitive conglomerate, said nearly US$10 billion had been embezzled by shareholders, in disclosures to stock exchanges that come amid a government-led investigation into the deeply indebted group. A total of 61.5 billion yuan (US$9.6 billion) had been embezzled by shareholders and other related parties, Shanghai-listed Hainan Airlines Holding, HNA Infrastructure Investment Group and Shenzhen-listed CCOOP Group said late on Friday. The identities of the... https://www.scmp.com/business/companies/article/3119973/hnas-woes-mount-three-listed-units-disclose-embezzlements-nearly?utm_source=rss_feed https://www.scmp.com/business/companies/article/3119973/hnas-woes-mount-three-listed-units-disclose-embezzlements-nearly?utm_source=rss_feed Sun, 31 Jan 2021 10:21:39 +0000 Gu Gang, head of the working committee responsible for untangling an estimated 500 billion yuan (US$77.8 billion) of debt owed by one of China’s biggest global asset buyers, has written to his staff to rally for their patience while the company goes through bankruptcy restructuring. In a letter that was light on specifics on HNA Group’s restructuring, Gu urged for “patience” and “hard work” to help the Haikou-based company pull through its darkest hour, according to a letter widely circulated on... https://www.scmp.com/business/china-business/article/3119905/hna-groups-leader-gu-gang-rallies-staff-after-conglomerate?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3119905/hna-groups-leader-gu-gang-rallies-staff-after-conglomerate?utm_source=rss_feed Sat, 30 Jan 2021 08:27:27 +0000 HNA Group, one of China’s largest global asset buyers spawned from the country’s largest privately owned airline, has entered bankruptcy restructuring, after a government-led exercise to work out its debt failed to come up with money to repay bondholders and creditors. The company, based in the Hainan provincial capital of Haikou, was served with a petition on January 29 in the provincial High Court seeking its bankruptcy and for it to undergo restructuring, HNA Group said in a statement on its... https://www.scmp.com/business/companies/article/3119812/hna-group-goes-bankrupt-chinas-largest-global-asset-buyer?utm_source=rss_feed https://www.scmp.com/business/companies/article/3119812/hna-group-goes-bankrupt-chinas-largest-global-asset-buyer?utm_source=rss_feed Fri, 29 Jan 2021 10:10:49 +0000 Chen Feng, the founder of China’s largest private airline, has been excluded from the key decision-making body of the HNA Group, in a dramatic development that signals his loss of control of one of the country’s largest conglomerates over five short years. The name of the entrepreneur, who turns 68 this year, was missing from a list of nine members of HNA Group’s Communist Party committee, the major decision-making body akin to the board of directors in the aviation-to-property conglomerate,... https://www.scmp.com/business/companies/article/3119431/chen-feng-missing-list-hna-groups-key-decision-making-body?utm_source=rss_feed https://www.scmp.com/business/companies/article/3119431/chen-feng-missing-list-hna-groups-key-decision-making-body?utm_source=rss_feed Wed, 27 Jan 2021 07:00:38 +0000 Hong Kong Airlines will cut 250 flight attendants in the latest round of coronavirus-related redundancies to hit the carrier and the local aviation sector. As a member of the cash-strapped Chinese aviation conglomerate HNA Group, the city’s third largest carrier had already axed jobs at the start of the Covid-19 crisis, far earlier than other airlines, and made steep pay cuts to keep salary costs in check. Chris Birt, the airline’s director of service delivery, told staff in a memo on Friday... https://www.scmp.com/news/hong-kong/transport/article/3113497/coronavirus-hong-kong-airlines-cut-250-flight-attendants?utm_source=rss_feed https://www.scmp.com/news/hong-kong/transport/article/3113497/coronavirus-hong-kong-airlines-cut-250-flight-attendants?utm_source=rss_feed Fri, 11 Dec 2020 03:37:52 +0000 US private equity firm Platinum Equity is nearing an agreement to buy HNA Group’s Ingram Micro in a deal that values the technology provider at about US$7 billion, including debt, according to people with knowledge of the matter. Platinum and Chinese conglomerate HNA are hammering out the final details of a transaction that could be announced as soon as this week, the people said, asking not to be identified because the matter is private. Platinum has already lined up financing for the... https://www.scmp.com/business/banking-finance/article/3113246/us-private-equity-firm-platinum-closes-its-us7-billion?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3113246/us-private-equity-firm-platinum-closes-its-us7-billion?utm_source=rss_feed Wed, 09 Dec 2020 12:46:01 +0000 Hong Kong Airlines, the city’s third-largest carrier, is cautious about expanding after the closure of hometown rival Cathay Dragon, according to a company executive, with the focus still on its own survival amid the Covid-19 pandemic. A member of the cash-strapped Chinese aviation conglomerate HNA Group, the airline also said it was unable to hire any of the estimated 2,500 Dragon cabin and cockpit crew made redundant on Wednesday. The aviation landscape was rocked after Hong Kong’s largest... https://www.scmp.com/news/hong-kong/transport/article/3106932/hong-kong-airlines-cautious-expansion-wake-cathay-dragon?utm_source=rss_feed https://www.scmp.com/news/hong-kong/transport/article/3106932/hong-kong-airlines-cautious-expansion-wake-cathay-dragon?utm_source=rss_feed Sat, 24 Oct 2020 13:00:10 +0000 Hong Kong Airlines, the hometown rival of Cathay Pacific Airways, is seeking to cut the pay of its more than 1,200 cabin crew by 30 per cent to “secure and safeguard” jobs and its very survival during the Covid-19 pandemic. The cash-strapped carrier, backed by Chinese conglomerate HNA Group, said on Friday that it wanted to lower salaries for four months, while the number of crew required to work would be slashed by half with “fewer than 10 aircraft” flying during the health crisis. The city’s... https://www.scmp.com/news/hong-kong/transport/article/3103129/coronavirus-hong-kong-airlines-asks-cabin-crew-take-30?utm_source=rss_feed https://www.scmp.com/news/hong-kong/transport/article/3103129/coronavirus-hong-kong-airlines-asks-cabin-crew-take-30?utm_source=rss_feed Fri, 25 Sep 2020 15:52:23 +0000 The founder and chairman of HNA Group has been ordered by a court in China that he cannot indulge in luxury spending after the aviation-to-property conglomerate and its subsidiary failed to pay an investor in a lawsuit. Chen Feng cannot spend on activities that are not essential to day to day life and work, according to two orders issued by the Xian City Beilin District Court in Shaanxi province on Tuesday. Chen has been barred from travelling on planes or high-speed trains without approval from... https://www.scmp.com/business/companies/article/3101822/hna-group-founder-chen-feng-barred-luxury-spending-after-failing?utm_source=rss_feed https://www.scmp.com/business/companies/article/3101822/hna-group-founder-chen-feng-barred-luxury-spending-after-failing?utm_source=rss_feed Wed, 16 Sep 2020 11:47:37 +0000 Swissport is under new ownership after struggling Chinese conglomerate HNA Group reached an agreement with creditors over a debt-for-equity swap and an injection of additional cash that will help ensure the survival of the airport cargo handling company during the Covid-19 pandemic. The stakeholders have agreed about €1.9 billion (US$2.3 billion) of existing debt will be converted into equity or extinguished, Swissport said in a statement on Monday. The Switzerland-based company has also... https://www.scmp.com/business/banking-finance/article/3099574/chinas-embattled-hna-cedes-control-baggage-handler?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3099574/chinas-embattled-hna-cedes-control-baggage-handler?utm_source=rss_feed Mon, 31 Aug 2020 09:14:43 +0000 Debt-laden Chinese conglomerate HNA Group might have its stake in Swissport International wiped out under a plan to inject rescue financing into the beleaguered airport cargo handling company. A group of senior secured creditors, including Apollo Global Management and SVP Global, have made an offer to restructure €2 billion (US$2.4 billion) worth of Swissport’s debt in return for equity, according to a person familiar with the matter. The group of creditors holds €1.4 billion of Swissport’s... https://www.scmp.com/business/banking-finance/article/3097263/senior-creditors-said-have-offered-take-control-swissport?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3097263/senior-creditors-said-have-offered-take-control-swissport?utm_source=rss_feed Thu, 13 Aug 2020 11:44:29 +0000 China Eastern Airlines, one of the country’s three largest carriers, has reconfigured its unlimited flights package to cover only weekday trips, a move that industry observers said was targeted at business travellers. As competition heats up for China’s domestic market in the absence of overseas travel because of the coronavirus pandemic, the Shanghai-based carrier changed its “Fly at Will” package to cover only weekday trips. An initial iteration of the package, launched in June, covered only... https://www.scmp.com/business/article/3097148/china-eastern-targets-business-travel-revamp-unlimited-flights-package?utm_source=rss_feed https://www.scmp.com/business/article/3097148/china-eastern-targets-business-travel-revamp-unlimited-flights-package?utm_source=rss_feed Thu, 13 Aug 2020 00:30:24 +0000 A company owned by Wuxi government plans to buy a stake in Ruili Airlines, giving the city and the eastern Chinese province of Jiangsu their first home-based carrier. The move could however spell the end of discussions on the possible sale of Hong Kong Airlines to a consortium that includes the state-owned enterprise. Wuxi Communications Industry Group signed a framework agreement with Yunnan Jingcheng Group on Tuesday to buy shares in Ruili Airlines, marking the first step in the group’s... https://www.scmp.com/business/companies/article/3096186/wuxi-state-owned-firm-moves-buy-yunnan-based-carrier-throwing?utm_source=rss_feed https://www.scmp.com/business/companies/article/3096186/wuxi-state-owned-firm-moves-buy-yunnan-based-carrier-throwing?utm_source=rss_feed Wed, 05 Aug 2020 13:09:53 +0000 HNA Group, the troubled conglomerate that’s being taken over by the Chinese state, is among recipients of the billions of dollars in coronavirus-relief loans handed out by the US government. HNA Group North America and HNA Training Center NY, two of the Haikou, Hainan-based group’s units, got between US$350,000 and US$1 million each from the Paycheck Protection Program, a list posted by the US Department of the Treasury showed. The programme was introduced earlier this year by the US Small... https://www.scmp.com/business/companies/article/3092148/hna-groups-american-subsidiaries-asked-and-received-bailout?utm_source=rss_feed https://www.scmp.com/business/companies/article/3092148/hna-groups-american-subsidiaries-asked-and-received-bailout?utm_source=rss_feed Tue, 07 Jul 2020 08:03:47 +0000 Hong Kong Airlines, kept alive by a working group in charge of HNA Group’s debt restructuring, is asking the local government to consider helping out other carriers after agreeing to a bailout plan for Cathay Pacific Airways. The city’s third-largest carrier said it has been contributing to the passenger and cargo throughput at Hong Kong International Airport since 2006, before the coronavirus pandemic crippled the industry and left most of its aircraft out of service. “We hope that the... https://www.scmp.com/business/article/3089506/hong-kong-airlines-kept-alive-funds-chinese-lenders-calls-government?utm_source=rss_feed https://www.scmp.com/business/article/3089506/hong-kong-airlines-kept-alive-funds-chinese-lenders-calls-government?utm_source=rss_feed Thu, 18 Jun 2020 04:12:17 +0000 China’s government has backed off from a two-month row with the United States, giving US carriers access to some of the most lucrative routes in global aviation as the industry grapples with an unprecedented slump amid the coronavirus pandemic. Chinese airline stocks rose in Hong Kong but fell in Shanghai after the move. Starting on June 8, all 95 foreign carriers that were excluded from a March 26 restriction on inbound international flights can fly once a week to a Chinese city capable of... https://www.scmp.com/business/companies/article/3087484/chinese-airline-stocks-fall-after-belated-us-retaliation-against?utm_source=rss_feed https://www.scmp.com/business/companies/article/3087484/chinese-airline-stocks-fall-after-belated-us-retaliation-against?utm_source=rss_feed Thu, 04 Jun 2020 03:09:05 +0000 A unit of debt-laden Chinese conglomerate HNA Group has been hit with a lawsuit by Deloitte Advisory (Hong Kong), which is suing for HK$4 million (US$515,952) in unpaid service fees, according to a court document seen by the South China Morning Post. Deloitte Advisory, a consultancy unit of “Big Four” international accounting firm Deloitte, submitted a writ on Friday to the Court of Instance at Hong Kong’s High Court against HNA Technology, formerly known as HNA Logistics Group, a Shanghai-based... https://www.scmp.com/business/companies/article/3086947/hna-court-again-after-deloitte-advisory-sues-shanghai-unit-hk4?utm_source=rss_feed https://www.scmp.com/business/companies/article/3086947/hna-court-again-after-deloitte-advisory-sues-shanghai-unit-hk4?utm_source=rss_feed Mon, 01 Jun 2020 07:45:11 +0000 Panama-based shipping company China Joy Shipping has filed another wind-up petition against embattled Chinese conglomerate HNA Group. A trial will be held in Hong Kong on August 26, according to records available on the Hong Kong Judiciary’s website. This is the second time China Joy has filed for liquidation at HNA, the first instance coming after a debt default in 2012. But the shipper withdrew its lawsuit from the High Court of Hong Kong in February 2013, after HNA promised that it would pay... https://www.scmp.com/business/article/3086523/panama-shipper-china-joy-drags-embattled-hna-group-court-again-seeks?utm_source=rss_feed https://www.scmp.com/business/article/3086523/panama-shipper-china-joy-drags-embattled-hna-group-court-again-seeks?utm_source=rss_feed Thu, 28 May 2020 09:30:13 +0000 Debt-laden Chinese conglomerate HNA Group risks having its stake in Swissport International wiped out under a plan to inject rescue financing into the beleaguered airport-cargo handling company. Distressed-debt investors led by Apollo Global Management have bought Swissport’s senior-ranking securities and are holding talks with the company to help it pull through the coronavirus health crisis, Reuters reported on Wednesday, citing people familiar with the matter. Apollo, SVP Global and Cross... https://www.scmp.com/business/companies/article/3084346/hna-group-risks-losing-swissport-distressed-funds-initiate-debt?utm_source=rss_feed https://www.scmp.com/business/companies/article/3084346/hna-group-risks-losing-swissport-distressed-funds-initiate-debt?utm_source=rss_feed Thu, 14 May 2020 05:36:02 +0000 China’s three largest airlines recorded their steepest quarterly losses since the global financial crisis following a slump in travel demand as the coronavirus pandemic triggered border closures across the globe. Air China, China Southern Airlines and China Eastern Airlines reported combined losses of 14 billion yuan (US$2 billion) in the three months ended March, deteriorating from 7.4 billion yuan of profits a year earlier, according to results published late Wednesday. The latest reports... https://www.scmp.com/business/article/3082264/chinas-largest-airlines-have-biggest-slump-earnings-2008-crisis-industry?utm_source=rss_feed https://www.scmp.com/business/article/3082264/chinas-largest-airlines-have-biggest-slump-earnings-2008-crisis-industry?utm_source=rss_feed Thu, 30 Apr 2020 04:16:56 +0000 A bailout of Virgin Australia, the first aviation casualty in the Asia-Pacific region from the global coronavirus pandemic, is under a cloud of uncertainty amid the financial troubles among its majority-owned Chinese investors, and tightening scrutiny on foreign investment by authorities. The Brisbane-based airline last week went for voluntary administration under A$5 billion (US$3.15 billion) of debt burden, after failing to get a lifeline from shareholders and the Australian government. The... https://www.scmp.com/business/companies/article/3081037/chinese-rescue-virgin-australia-air-amid-hna-debt-troubles-home?utm_source=rss_feed https://www.scmp.com/business/companies/article/3081037/chinese-rescue-virgin-australia-air-amid-hna-debt-troubles-home?utm_source=rss_feed Wed, 22 Apr 2020 07:29:38 +0000 The aviation-to-finance conglomerate HNA Group has completed the sale of a 20-storey office tower in Shanghai to a state-backed bad debt manager for 3.6 billion yuan (US$509 million) as it sheds assets to trim its multibillion-dollar debt load. China Cinda Asset Management, one of the country’s four state-owned bad debt companies, will own most of the Shanghai HNA Tower, in Pudong’s Lujiazui area after it was reported that it had sold its lower floors earlier, Colliers International said. The... https://www.scmp.com/business/china-business/article/3080719/debt-laden-hna-group-sells-prime-waterfront-office-tower?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3080719/debt-laden-hna-group-sells-prime-waterfront-office-tower?utm_source=rss_feed Mon, 20 Apr 2020 09:17:57 +0000 HNA Group, a former asset acquirer that is trimming its loans under de facto state ward, halted the trading of one of its notes in Shanghai after panicked investors fled, as the economic aftermath of the coronavirus pandemic throws a wrench into one of China’s biggest debt workouts. Trading of HNA’s 5.99 per cent 3 billion yuan (US$425 million) note was halted in Shanghai until 2:57pm, after its price plunged by as much as 31 per cent in early transactions, according to a statement to the... https://www.scmp.com/business/companies/article/3079984/hna-group-halts-trading-its-note-shanghai-hasty-plea-time-caused?utm_source=rss_feed https://www.scmp.com/business/companies/article/3079984/hna-group-halts-trading-its-note-shanghai-hasty-plea-time-caused?utm_source=rss_feed Wed, 15 Apr 2020 03:48:15 +0000 West Air, a Chinese budget carrier owned by the HNA Group, has persuaded some creditors to postpone receiving their bond payments, getting much-needed breathing space as its indebted parent company struggles for financial survival amid a national lockdown that has grounded all but a handful of weekly flights. The carrier, operating 35 aircraft from its base in Chongqing in central China, persuaded bondholders to withdraw 292 million yuan (US$41.3 million) of put options, according to West Air’s... https://www.scmp.com/business/companies/article/3079182/hna-groups-west-air-unit-gets-breathing-space-complete-stake?utm_source=rss_feed https://www.scmp.com/business/companies/article/3079182/hna-groups-west-air-unit-gets-breathing-space-complete-stake?utm_source=rss_feed Thu, 09 Apr 2020 08:00:10 +0000 Hainan Airlines is calling a meeting with bondholders this week to seek a delay in repayment, citing tight liquidity as the coronavirus pandemic slammed travel and carriers worldwide. The airline, part of the debt-stricken HNA Group, is holding a conference call at 2pm local time April 10 with holders of its 750 million yuan (US$106.4 million) 4.35 per cent bond, according to a Shanghai Clearing House filing on Tuesday. The 270-day bond matures on April 17. Revenue has dropped significantly due... https://www.scmp.com/business/article/3078853/hainan-airlines-calls-bondholders-meeting-plan-defer-debt-repayment-amid?utm_source=rss_feed https://www.scmp.com/business/article/3078853/hainan-airlines-calls-bondholders-meeting-plan-defer-debt-repayment-amid?utm_source=rss_feed Tue, 07 Apr 2020 14:16:43 +0000 Hainan-based companies are enjoying a bounce this month, pushing a stock indicator to a 10-month high, as investors bet the government will offer more support to help them overcome the crunch caused by the coronavirus outbreak. The Hainan Composite Index, which tracks 26 local companies, has rallied 14 per cent this month through March 11 to a level not seen since April 30, according to Wind Information. The CSI 300 Index, which tracks China’s biggest companies on the Shanghai and Shenzhen stock... https://www.scmp.com/business/article/3074972/hainan-based-companies-are-bouncing-hna-deal-tourism-measures-signal?utm_source=rss_feed https://www.scmp.com/business/article/3074972/hainan-based-companies-are-bouncing-hna-deal-tourism-measures-signal?utm_source=rss_feed Fri, 13 Mar 2020 02:30:07 +0000