HNA's Second-Largest Shareholder Quadruples Its Charity IncomeBy
Cihang Foundation income jumped to $50 million in 2016
Total assets rose 21% in the year to 1.08 billion yuan
HNA Group Co.’s second-biggest shareholder, Hainan Province Cihang Foundation, quadrupled its income last year, driven by the addition of investments.
Income jumped to about 331.8 million yuan ($50 million) in 2016, from about 74 million yuan a year earlier, the foundation said in a filing on the Hainan provincial government website on Friday.
The foundation, which owns 22.75 percent of the Chinese conglomerate that holds stakes in companies including Deutsche Bank AG and Hilton Worldwide Holdings Inc., has drawn public attention since HNA spent more than $40 billion buying companies in 2016. The charity’s assets rose to 1.08 billion yuan as of 2016, compared with 890 million yuan in the previous year.
HNA’s largest shareholder is another charity: Hainan Cihang Charity Foundation Inc., which has contributed $30 million to recipients including Harvard University and Massachusetts Institute of Technology. The U.S.-based charity has pledged to give away as much as $200 million toward philanthropic causes over the next five years. Combined, the two Cihang charities own a majority stake in HNA.