Caixin
Caixin Global – Latest China News & Headlines

Home >

TRENDING
Analysis: Alibaba’s New Processor Shows Applications Are Key to AI Chip Success
In Depth: Megvii Co-Founder Is Back Riding the Latest AI Wave
Beijing Humanoid Robotics Hub Raises $100 Million in First Funding Round
LATEST
Beijing Humanoid Robotics Hub Raises $100 Million in First Funding Round
Analysis: Alibaba’s New Processor Shows Applications Are Key to AI Chip Success
Aerofugia Raises Nearly $150 Million to Get Flying Taxis Certified
Alibaba Pledges $432 Million in Lunar New Year AI Subsidy War
In Depth: Megvii Co-Founder Is Back Riding the Latest AI Wave
China Fines Kuaishou Unit $3.8 Million for E-Commerce Violations
Chips Drive China’s Electronics Exports
Robots Take the Stage at China’s Spring Festival Gala
Alibaba Unveils New AI Chip to Rival Nvidia’s China Offerings
ASML Expects China Revenue Drop Following Backlog-Fueled Surge
China’s Telecom Industry Stalls as Traditional Revenue Dries Up
TikTok Outage Puts New U.S. Operations to the Test
Moonshot AI Gets More Into Agents With New Model
Texas Doubles Down on China Tech Ban, Adding AI and E-Commerce Giants
Chinese GPU-Maker Challenges Nvidia in Three-Year Development Plan
In Depth: Tencent Bets Its AI Future on 28-Year-Old From OpenAI
Alibaba Sets Sights on ChatGPT and Gemini With New AI Model
China’s AI App Developers Lure New Users With Digital Red Envelopes
StepFun Raises $717 Million, Outpacing Newly Listed AI Rivals
LandSpace Pushes Ahead With $1.1 Billion IPO as Exchange Reviews Application

By Han Wei / Nov 15, 2018 10:27 AM / Finance

Photo: VCG

Photo: VCG

Debt-ridden HNA Group's selling spree goes on.

The aviation-to-finance conglomerate sold its stake in Radisson Hotel Group to a consortium led by Chinese hotel operator Jin Jiang, according to Radisson. The company didn't disclose financial details.

The deal is the latest in the great unwinding of HNA assets after years of heavy, debt-fueled global spending. In the first six months of 2018, HNA dumped more than 60 billion yuan ($8.8 billion) of assets, including stakes in additional hotels groups Hilton and NH. HNA is reshuffling to lighten its debt load and refocus on its core aviation business.

HNA took full control of Radisson in April 2016. Radisson is one of the world’s largest hotel operators with more than 1,400 hotels in operation or under construction around the globe.

Shanghai-based Jin Jiang is China’s biggest tourism conglomerate. The takeover of Radisson will increase the number of hotels under its umbrella to about 10,000. As part of the deal, the Jin Jiang-led consortium also acquired 50.2% of Stockholm-listed Radisson Hospitality AB.


Share this article
Open WeChat and scan the QR code