Headquarters: Hong Kong. Designed by Dr. Liang Jinghua, a renowned Hong Kong based designer, our lounge is inspired by Hainan Island’s pristine and tropical environments. Embattled Chinese conglomerate HNA Group, which has been struggling to resolve a drawn-out cash crisis, announced Friday it faces bankruptcy, in one of the biggest corporate downfalls in the country's history. HNA subsidiary CWT International defaults on loan. Hong Kong Airlines, also part-owned by HNA, said on Friday that it will cut 400 jobs. Pinterest. That scheme includes HNA, which controls Hong Kong airlines and a host of other mainland carriers in addition to Hainan Airlines, selling off its non-airline assets, according to an account in Bloomberg. HNA’s involvement with the airline is just as complicated. In 2006, the HNA Group acquired two airlines in Hong Kong, Hong Kong Airlines and Hong Kong Express Airways. A look back at Hong Kong Airlines’ woes. The group had already begun restructuring under the auspices of the central Chinese government … A logistics subsidiary of troubled HNA Group has defaulted on a $179m … “HNA is in a messy situation. Hong Kong Airlines, while people familiar with the matter say HNA shelved the sale of a container-leasing business after failing to find anyone willing to pay the $1 billion-plus price it … HONG KONG: Hong Kong Airlines, partially owned by China's HNA Group, was thrown into deeper uncertainty on Wednesday (Apr 17) after Hou Wei disputed a … The banker declined to be named due to the sensitivity of the matter. Creditors of China's HNA Group on Friday applied to a Chinese court for the company to be placed in bankruptcy and restructured. It also owns Hong Kong Airlines, which laid off hundreds of staff last year amid a steep drop in tourism due to impact of the 2019 protests and later the coronavirus pandemic. Dimsumdaily Hong Kong - 3:51PM Mon February 1, 2021. Apr 29, 2019 • 0 Comments • Share. 1st February 2021 – (Beijing) Shares in listed companies linked to China’s HNA Group slumped on Monday, after the troubled conglomerate disclosed that its creditors had applied for its bankruptcy and that nearly US$10 billion had been embezzled by shareholders of its three units. Hong Kong Airlines and its shareholder are being sued by HNA Group, the Chinese conglomerate, over as much as HK$1.17 billion in debt, as another legal battle looms for the city's troubled carrier. There are market rumors that mainland conglomerate HNA Group may be able to regain control of troubled Hong Kong Airlines again, with new investors being introduce as soon as this month. In … A strong route network, high brand value and an experienced management team as well as restructuring efforts by China’s No. Factbox: China's Troubled HNA Group Owns Stakes in More Than a Dozen Airlines By Reuters , Wire Service Content Feb. 1, 2021 By Reuters , Wire Service Content Feb. 1, 2021, at 2:21 a.m. Your email address will not be published. Indebted parent HNA Group planned to sell SR Technics aircraft maintenance unit last year, drawing the attention of Airbus and Hainan's provincial government. Hainan Airlines Group (HNA) is a large privately-owned airline group based in Hainan, China. In May 2011, the HNA Group purchased a … Though the state of Hong Kong Airlines (HKA) was not directly specified, but if the HNA Group is sold off, fate of HKA also hangs in the balance. The plan also appears to include removal of HNA founder, and until recently chairman, Chen Feng, whose name did not appear on a leadership roster published by HNA on 26 January. Hainan Airlines, HNA Innovation, CCOOP Group, HNA Technology and Bohai Leasing tumbled between 5% and 10%. The expansion was fueled by acquiring piles and piles of debt. Last year, the HNA Group-owned Hong Kong Airlines risked having its flying license revoked by Hong Kong’s Air Transport Licensing Authority due to … The Story of HNA Group and the Future of Hainan Airlines . The group has stakes in several Chinese and international airlines. It looks like HNA-backed Hong Kong Airlines Ltd. (HKA) has secured a lifeline just in the nick of time. Reply. I don’t think the restructuring is going to be easy,” said a senior banker based in Hong Kong, who has had dealings with HNA in the past. 15. Originally founded in 1989, Hainan Airlines is part of Chinese conglomerate HNA Group, and together with its affiliates the Hainan Airlines Group operates an extensive network of domestic and international services from its main hub at Haikou Meilan International Airport. REUTERS. The airline was acquired by the HNA Group in 2006 and the name was changed to Hong Kong Airlines. Facebook. Leave a Reply Cancel reply. HNA Club. On the Group’s acquisition spree, several investments took place in multiple aviation related companies. “Importantly, this strategic alliance with HNA Aviation, Hong Kong Airlines and HK Express is a key plank in Virgin Australia’s International strategy and will help our business deliver long-term growth and success.” Direct services. Beijing has been putting more … The HNA Group and airline subsidiary Hainan Airlines had stakes in the following carriers that operate the following fleets: ... Only one appears to be a Hong Kong airline, the group name comes from its largest airline Hainan Air , based on the largest Chinese island similar in size to Taiwan. Hong Kong Airlines to cut 250 flight attendants in latest round of redundancies ... China Eastern Airlines and Hainan Airlines, the flagship airline of HNA Group. Hainan Airlines Holding Co Ltd , HNA Group’s flagship firm, is operating normally and could draw in new investors despite a bankruptcy filing, embezzlement charges and large asset impairments for the carrier last week, some analysts said. (Reuters) – Creditors of Chinese group HNA on Friday asked a Chinese court to bankrupt the company and restructure. In 2011, the HNA Group paid US$260 million for a foreclosure-threatened Manhattan office tower at 1180 Sixth Avenue and purchased the Cassa Hotel New York for US$126 million. CWT’s co-chairman, Mung Kin Keung, is a shareholder in Hong Kong Airlines. Discover more Hong Kong Airlines pilots quit as financial problems clip carrier's wings. China is under tremendous pressure to help contain the spread of the virus while trying to limit the damage done to its economy; officials are looking into direct cash infusions or partnerships for the damaged airline market. Hong Kong Airlines (HX) is a member of the HNA Group and operates from its main base at Hong Kong International Airport (HKG). At one point, the Chinese central government became worried about the long-term viability of the company taking on so much debt. From an airline with four planes, HNA Group grew into a conglomerate of hotels and global businesses with at least 1 trillion yuan (US$154.8 billion) of assets as recently as in 2017. The airline's roots date back to 2001 with the creation of CR Airways. A group of pilots has come onto the recruitment market following problems at Hong Kong ... Atlas Air HNA Group Hong Kong Air Cargo Hong Kong Airlines. The holding underlined that its operations, including those of its carriers such as Hong Kong Airlines (HX, Hong Kong Int'l) and Hainan Airlines (HU, Haikou) among others, will continue. Twitter . Hong Kong Airlines is a HNA subsidiary. At its peak, the group had assets in excess of US$400 billion. Our brand new HNA Club is located in Terminal 2 of Beijing Capital International Airport. Since 1993, the HNA Group has featured 14 airlines, including Lucky Air (8L), HU and Grand Air China (CN), and more than 900 aircraft. HNA's 80% … HONG KONG -- Companies under China's HNA Group have reported finding irregular outflows of billions of dollars in cash, an ominous development following moves by creditors to … ... Hong Kong Airlines. But so far no definitive agreement has been announced. Hong Kong Airlines Limited (stylised as HONGKONG AIRLINES) is an airline based in Hong Kong, with its headquarters in the Tung Chung district and its main hub at Hong Kong International Airport.It was established in 2006 as a member of the HNA Group and flies to more than 30 regional and international destinations in Asia and Europe using both passenger and cargo aircraft. 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