HNA Group trims debt nearly 11 per cent in first half

SHANGHAI: China’s HNA Group HNAIRC.UL reduced its debt load in the first half of 2018 as the company sold off assets acquired under a high-profile acquisition spree helmed by its former chairman, according to the company’s latest financial report. HNA Group’s total debt stood at 657.41 billion yuan ($96.25 billion) at the end of the first half, down 10.7 per cent or $11.6 billion from the end of 2017. Despite the reduction, the group’s total debt to EBITDA was 21.36 times at the end of the first half. The company reported a first-half net profit of 1.3 billion yuan. HNA’s push to sell off assets, under pressure from Beijing, follows a $50 billion spree led by former co-chairman Wang Jian that saw HNA accumulate assets ranging from a stake in Deutsche Bank AG o high-profile overseas properties. Wang died during a business trip in France on July 3. In early August, HNA Group announced a management reshuffle, in a move to calm worries about leadership at the conglomerate. — Reuters