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relates to New Stimulus Plan Gets More GOP Interest; McConnell Holds Back relates to Wall Street’s Biden Fans Greet His Economy Team With Relief relates to Waller Confirmed for Fed With Shelton’s Nomination Still in Limbo relates to Biden’s Economy Lesson From Trump Shows Solo Action Doesn’t Work relates to U.S. Mortgage Rates Fall to a Record-Low 2.71% for 30-Year Loans relates to Democrats Scale Back on Stimulus to Prod McConnell to Talk relates to Boom in Fintech Bond Sale Platforms Risks Fragmenting Market relates to Brazil Economy Surges Most on Record Amid Billions in Covid Cash relates to U.S. Jobs, Stimulus Hope, Gender Pay Disparity: Eco Day relates to Stocks Pare Gains After Pfizer Said to Cut Target: Markets Wrap
relates to New Stimulus Plan Gets More GOP Interest; McConnell Holds Back relates to Wall Street’s Biden Fans Greet His Economy Team With Relief relates to Waller Confirmed for Fed With Shelton’s Nomination Still in Limbo relates to Biden’s Economy Lesson From Trump Shows Solo Action Doesn’t Work relates to U.S. Mortgage Rates Fall to a Record-Low 2.71% for 30-Year Loans relates to Democrats Scale Back on Stimulus to Prod McConnell to Talk relates to Boom in Fintech Bond Sale Platforms Risks Fragmenting Market relates to Brazil Economy Surges Most on Record Amid Billions in Covid Cash relates to U.S. Jobs, Stimulus Hope, Gender Pay Disparity: Eco Day
Photographer: Giulia Marchi/Bloomberg
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HNA to Win ‘War’ Against Debt Problems Next Year, Chairman Says

HNA to Win ‘War’ Against Debt Problems Next Year, Chairman Says

Views of HNA Headquarters in Beijing
Photographer: Giulia Marchi/Bloomberg

HNA Group Co.’s chairman predicted 2020 will be “the decisive year to win the war” against the Chinese conglomerate’s long-running liquidity challenges.

HNA endured another year of difficulties with liquidity but it’s the group’s “political duty” to overcome the challenge, Chairman Chen Feng said on the company’s WeChat page. Still, the message didn’t specify how HNA would overcome its struggles beyond “hard work.”

The Davos World Economic Forum 2014

Chen Feng

Photographer: Chris Ratcliffe/Bloomberg

HNA, once a symbol of Chinese corporate expansion overseas, has been under pressure to sell assets after periodically missing payments and struggling with debt that climbed as high as 598 billion yuan ($86 billion). Last week it repaid a 1.3 billion yuan bond to avoid what could have been its first default on a publicly issued note and aggravating nerves in China’s debt markets.

HNA shot to prominence in 2016 and 2017 after splurging more than $40 billion on acquisitions across six continents. The once little-known airline operator became the biggest shareholder of iconic companies such as Hilton Worldwide Holdings Inc. and Deutsche Bank AG as well as paying top dollar for high-end properties from Manhattan to Hong Kong.

— With assistance by Ying Tian