China’s HNA is selling down its prized airline holdings, a strategy reversal that underlines the scale of its struggle to pare its debt burden.
The sale on Wednesday of budget carrier HK Express to Hong Kong flag carrier Cathay Pacific comes as problems grow for the finance-to-aviation conglomerate, once among China’s most globally acquisitive companies.
In the past two years HNA has sold more than $40bn in assets to trim a debt pile twice that size. But the more it sells, the fewer revenue-producing assets remain to settle outstanding loans, forcing it to abandon its plan to keep its core airline business intact.
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