Two senior state executives have been appointed to key management roles at HNA Group, as the heavily indebted Chinese conglomerate said it needed government help to manage “intensifying liquidity risks” resulting from the coronavirus epidemic.
HNA is based in southern Hainan province and controls Hainan Airlines, China’s fourth-largest carrier.
HNA was one of four privately held conglomerates behind a record surge in Chinese outbound investment in 2015-2016, only to be reined in by government officials worried about the financial risks the four groups were taking.
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