Chinese aviation-to-finance conglomerate HNA has defaulted on a Rmb300m ($43.8m) loan raised through a trust company, the lender said on Thursday as it sought to freeze HNA assets.
The announcement is a sign that HNA’s liquidity woes are beginning to have a broader impact outside the formal banking sector.
The default comes despite an estimated $18bn in asset sales by HNA this year that have done little to address its ability to meet its domestic debts. Last month, HNA began missing payments to individual investors in P2P products it issued, while narrowly averting a default on a Rmb1bn bond.
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