Chinese Tycoon Dies After Falling Off A Wall In France

Chinese Tycoon Dies After Falling Off A Wall In France

HNA declined to comment beyond saying the 57-year-old, in France on business, died after an accidental fall in Provence.

Thursday, July 5, the Chinese company Hainan Airlines (HNA) Group issued a statement which stressed that the sudden death of one of its founders will not affect the future development of HNA.

His company has confirmed that Wang Jian, 57, "accidentally fell" in Provence, while on a business trip to France, a company statement said.

"Wang Jian's death will definitely bring short-term shocks to HNA's business development", Liu Feng, the director of the Hainan Normal University Free Trade Port Research Center, told Bloomberg.

One of HNA's dollar bonds due in 2018 fell 1.5 cents on the dollar, the biggest drop since December 12, as of 4:59 Hong Kong, according to Bloomberg prices.

The success of HNA can be attributed to the savviness of Mr Wang and Mr Chen but the future of this company might still, in part, depend on the government's policies.

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The company's website was made black and white to mourn Wang.

Chinese tycoon Wang Jian has died in France in weird circumstances while on a sight-seeing trip.

HNA had been aggressively expanding via takeovers in the past three years, acquiring stakes in Swissport, Gategroup, Deutsche Bank db and Hilton International hlt in a buying spree that led USA lawmakers to call for a probe into the ownership of HNA.

Wang Jian, Co-Chairman of HNA Group attends a meeting marking the 20th anniversary of company's founding in Haikou, Hainan province, China, April 28, 2013. It was showing signs of putting its biggest problems behind it. People familiar with the matter said last month that China's top leaders had agreed to help the company, which couldn't generate enough profit in 2017 to pay interest expenses. The death isn't being viewed as suspicious, the officer said. Since 2015, HNA had been on a massive shopping spree, forking out around $40 billion on a 25 per cent stake in the Hilton hotel group, shares in Deutsche Bank, several golf courses and other foreign property. Growing into a multinational giant within two decades, the conglomerate now owns assets in numerous industries including aviation, real estate, financial services, tourism, and logistics.

On paper these are all solid companies with shiny brand names, while HNA had assets hovering around the $80 billion mark, the Financial Times reported in 2016.

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