News analysis The assets of bankrupt HNA Group are being sold off by creditors, including the luxury villa in Hong Kong’s most affluent residential location at Twelve Peak that belonged to Chen Feng, the group’s co-founder and chairman. According to the Hong Kong Land Registry, house 6 developed by Twelve Peaks was taken over on Oct….
HNA-related Luxury Villa in Hong Kong Being Sold to Offset Debts Through Court Auction
Evergrande Sags Under Massive Financial Liabilities, Its Future Uncertain
September 30, 2021
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Cheating Wall StreetChinaChina Business & EconomyChina Evergrande GroupChina private enterprisesHNA GroupSpecial Topics
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As Evergrande and its Chairman Xu Jiayin’s fate is sagging under millions of liabilities, on September 24, another private enterprise giant HNA (HNA Group Co., Ltd.)—being under bankruptcy reorganization—through its official WeChat announced that its chairman and the chief executive officer had been arrested. The news was also confirmed on the same day by Gu Gang,…
Troubled Chinese Airline Group Proposes Paying 40 Percent of Debts
BEIJING—HNA Group, a Chinese airline operator that ran into financial trouble after a global acquisition spree, has proposed a plan to settle $61 billion in debts owed to thousands of creditors by paying 40 percent of the total. The conglomerate warned in a statement Tuesday that it faces possible liquidation due to “mismanagement and investment…
Evergrande Misses Payment Deadline, EV Unit Warns of Cash Crunch
SINGAPORE/SHANGHAI—China Evergrande’s electric car unit warned on Friday it faced an uncertain future unless it got a swift injection of cash, the clearest sign yet that the property developer’s liquidity crisis is worsening in other parts of its business. Evergrande owes $305 billion, has run short of cash and investors are worried a collapse could…
Chinese Police Take Away HNA Chairman, CEO on Suspicion of Crimes
SHANGHAI—China’s HNA Group, once one of the country’s most acquisitive conglomerates, said on Friday that its chairman and its chief executive had been taken away by police due to suspected criminal offenses. The company, which was placed in bankruptcy administration in February, said in a statement on its official WeChat account it had been notified…
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