Latest news with #HNAGroup
South China Morning Post
17-07-2025
- Business
- South China Morning Post
Chen Feng, founder of Chinese conglomerate HNA, sentenced to 12 years in prison
Chen Feng, a founder of the defunct Chinese conglomerate HNA Group, has been sentenced to 12 years in prison and is subject to a penalty of 221 million yuan (US$30.8 million), nearly four years after he was detained by police. The 72-year-old businessman was charged with harming the interests of a listed company, fraudulently obtaining loans and a breach of duty through misappropriation, according to a court document. The government said 40 million yuan in personal assets were ordered to be confiscated. Also sentenced were Sun Mingyu, former chairman of HNA Group's supervisory board, and Bao Qifa, former chairman of Hainan Airlines Group, which was previously controlled by HNA. Both received prison terms of three and a half years. Sun was fined 9 million yuan and Bao was fined 4.5 million yuan. Chen Feng, who founded Hainan Airlines in 1989 in Haikou and grew it into the sprawling conglomerate known as HNA Group, was detained for suspected crimes in 2021. The detention came a few months after the group declared bankruptcy following struggles to pay off debts that once totalled more than US$100 billion. In the mid-2010s, HNA Group went on an acquisition spree , fuelled by bank loans and profits from its aviation business. Initially focused on airlines, the group expanded into areas including tourism, hospitality and financial services, amassing stakes in companies like Hilton Hotels and Resorts, Deutsche Bank and Ingram Micro.
Hi Dubai
17-03-2025
- Business
- Hi Dubai
dnata Secures Multi-Year Contracts to Enhance Inflight Catering for HNA Group Airlines in Australia
dnata, a global leader in air and travel services, has secured three multi-year contracts to provide premium inflight catering services for Hainan Airlines, Tianjin Air, and Beijing Capital Airlines, formerly part of the HNA Group, at Melbourne International Airport (MEL) and Sydney International Airport (SYD). Under these agreements, dnata's expert teams will produce and uplift approximately 380,000 meals annually, elevating the onboard dining experience for passengers traveling between Australia and China. The three carriers will operate 19 weekly flights connecting Melbourne to China, catering to around 200,000 passengers per year. Beijing Capital Airlines is the latest HNA Group carrier to entrust dnata with its catering services in Australia, following recent agreements with Hainan Airlines and Tianjin Air. Mark Stubbings, Chief Commercial Officer of dnata Catering & Retail Australia, expressed appreciation for the renewed collaboration, stating: 'We are delighted to welcome these airlines back to Australia and thank the HNA Group for their trust. Our teams remain committed to delivering best-in-class services, ensuring a memorable inflight experience for passengers.' With this expansion, dnata now serves over 40 airline customers at nine Australian airports, supported by a workforce of more than 4,000 hospitality professionals. In the 2023-24 financial year, dnata's Catering & Retail division uplifted over 60 million meals for more than 250,000 flights across Australia. Globally, dnata's catering professionals produce over 110 million meals annually across 60 locations, serving full-service, low-cost, and VIP carriers. This latest partnership underscores dnata's commitment to delivering world-class inflight catering solutions and strengthening its presence in Australia's aviation sector. News Source: Dubai Media Office
South China Morning Post
17-02-2025
- Business
- South China Morning Post
China property crisis: Hong Kong court orders Evergrande, HNA units to liquidate
A key offshore financing unit of China Evergrande Group was ordered to wind up on Monday, while a court hearing for an offshore arm is slated for Tuesday, as the nation's crisis-hit developers brace for 700 billion yuan (US$95.8 billion) of bond maturities this year. The Hong Kong High Court ordered Tianji Holding, Evergrande's offshore subsidiary and guarantor, to be wound up, saying that the company was insolvent and needed to be liquidated 'as soon as possible' to protect creditors. The ruling follows a winding-up order last month for CEG Holdings, another offshore unit of the bankrupt Chinese developer. CEG's creditors and contributories will meet for the first time on Tuesday, according to a notice published in the gazette. A contributory is someone who has a legal obligation to contribute towards the assets of the company in the event it is wound up. CEG received a winding-up petition in September, as creditors ramped up efforts to recover funds from Evergrande, the world's most indebted developer, which failed under the weight of more than US$300 billion in liabilities. HNA Group (International), the investment arm of HNA Group, was ordered to undergo liquidation on Monday. Photo: Reuters A liquidity crunch facing mainland Chinese developers could offer little respite as more than 700 billion yuan of bonds mature this year. A total of 13 cases – all related to property bonds – were pending in the courts, according to data compiled by ratings firm S&P Global. Sunac China Holdings, Shimao Group Holdings and Country Garden Holdings are among the companies that have been confronted with wind-up hearings and fresh liquidation petitions.
