HNA, the sprawling Chinese conglomerate, is stepping up divestments and cancelling deals for airline services as it sheds tens of billions of dollars worth of assets including many of its core airline businesses.
The company said this week that it would sell down its controlling stake in Urumqi Airlines from 70 per cent to 30 per cent. The Urumqi government will take on HNA’s shares.
Earlier this month HNA cancelled the purchase of a 60 per cent stake in Chongqing Western Airlines and, last month, the Financial Times reported that the company planned\ to sell Lucky Airlines to two government-backed companies.
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