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HNA Secures Strategic Investors for Hainan Air, Airport Business

  • ‘There is finally progress,’ ANZ strategist Ting Meng says
  • HNA aims for plan to be approved by court by end of October
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HNA Group Finds Investors for Airline, Airport Businesses
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HNA Group secured strategic investors for its airline and airport businesses, a key step in the once high-flying Chinese conglomerate’s state-run reorganization and bid to move beyond its debt woes.

The administrators of HNA’s restructuring program have decided to bring in Liaoning Fangda Group Industrial Co. as strategic investor for the airline business and Hainan Development Holdings Co. for the airport unit, exchange filings showed Sunday. The government of Hainan, the southern island province where HNA is based, took control of the conglomerate’s rescue last year.