China's HNA says directors, senior managers buy offshore dollar bonds

China's HNA says directors, senior managers buy offshore dollar bonds

China's HNA Group, which is facing a severe cash crunch, said on Wednesday some of its board directors and senior managers have bought offshore dollar bonds guaranteed by the aviation-to-property conglomerate.

FILE PHOTO: A HNA Group logo is seen on the building of HNA Plaza in Beijing
FILE PHOTO: A HNA Group logo is seen on the building of HNA Plaza in Beijing, China February 9, 2018. REUTERS/Jason Lee/File Photo

HONG KONG: China's HNA Group, which is facing a severe cash crunch, said on Wednesday some of its board directors and senior managers have bought offshore dollar bonds guaranteed by the aviation-to-property conglomerate.

HNA did not give the names of those buyers in the statement, nor the value of the dollar bonds purchased. It did not immediately respond to an emailed request for details of the transactions.

The group said it was in a "very healthy financial position" with total assets of 1.5 trillion yuan (US$236.1 billion) at the end of 2017, and that the staff purchased the bonds due to "full confidence" in its business prospects.

HNA's announcement comes a day after it agreed to sell two land parcels in Hong Kong to Henderson Land Development Co Ltd for US$2 billion, as the conglomerate ramps up asset disposals to address the liquidity crunch.

(Reporting by Sumeet Chatterjee; Editing by Edwina Gibbs)

Source: Reuters

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