HNA Group trims debt nearly 11pc

SHANGHAI: China´s HNA Group reduced its debt load in the first half of 2018 as the company sold off assets acquired under a high-profile acquisition spree helmed by its former chairman, according to the company´s latest financial report.

HNA Group´s total debt stood at 657.41 billion yuan ($96.25 billion) at the end of the first half, down 10.7 percent or $11.6 billion from the end of 2017.Despite the reduction, the group´s total debt to EBITDA was 21.36 times at the end of the first half.

The company reported a first-half net profit of 1.3 billion yuan.

HNA´s push to sell off assets, under pressure from Beijing, follows a $50 billion spree led by former co-chairman Wang Jian that saw HNA accumulate assets ranging from a stake in Deutsche Bank AG to high-profile overseas properties.

Wang died during a business trip in France on July 3.In early August, HNA Group announced a management reshuffle, in a move to calm worries about leadership at the conglomerate.