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Chinese government takes over HNA Group

The Group announced on its official WeChat account last Saturday that it is not able to manage liquidity risks on its own. The company is one of the many companies affected by the Coronavirus epidemic.

The HNA Group holds stakes in a number of local Chinese carriers, including Hainan Airlines. Air travel has been one of the most affected industries since the spread of the virus due to flight cancellations and airport closures. As a result, the HNA Group has asked the government of China's Hainan Province, where the Group is headquartered, to lead a working group dedicated to resolving its increasing liquidity risks following a business slowdown caused by the Coronavirus outbreak. Government officials in the province along with other agencies have organized to help resolve the financial problems of the former Chinese giant.

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