BEIJING, Dec 31 (Reuters) – Indebted Chinese language conglomerate HNA Group HNAIRC.UL predicts 2020 will see a significant turning level in its efforts to resolve liquidity dangers, its chairman stated, as the corporate pledges an all-out effort to show the corporate round.
Chen Feng, in a New Yr message to HNA staff carried by the corporate’s official WeChat account on Monday, stated the corporate had fought an arduous struggle once more liquidity challenges this 12 months, admitting that some wage funds had been delayed resulting from money circulate shortages.
Chen stated: “2020 is the decisive 12 months to win the struggle towards the liquidity downside.”
“We now have no selection however to make utmost efforts with one coronary heart and one thoughts to greet the challenges head-on.”
The conglomerate gathered property starting from a stake in Deutsche Financial institution to high-profile abroad properties in a multi-year procuring spree. Nonetheless, in 2018 it started unwinding these bets to shift the main target to its core airways and tourism companies, after drawing…