China Prepares State Support for HNA Fundraising
- China’s top leaders recently agreed to help HNA raise funds
- PBOC held meeting this week to discuss helping HNA sell bonds
HNA Group Co. building in Beijing, China.
Photographer: Giulia Marchi/BloombergChina’s top leaders have agreed to help HNA Group Co. raise funds, according to people familiar with the matter, providing a safety net for a conglomerate that’s staggering under the weight of more than $93 billion in debt.
Officials at the highest levels of government have recently determined that Hainan-based HNA is currently facing a liquidity issue and should be helped, according to the people, who asked not to be named discussing a private matter. On June 12, a senior official at the People’s Bank of China led a meeting with three regulators, the Hainan provincial government, HNA Co-Chairman Chen Feng and the group’s biggest creditor, instructing attendees to support HNA’s future bond issues, the people said.