Greater China

HNA Group receives RMB100bn credit facility from CDB

Guangzhou: HNA Group signed a strategic agreement with China Development Bank (CDB) in Haikou yesterday. Under the agreement CDB will offer a RMB100bn credit facility to HNA Group.

According to HNA, the credit facility provided by CDB will be used to support the group’s future development in aviation, port logistics and tourism and its international expansion strategy.

“The strategic agreement will also enhance collaborations between HNA and CDB in the areas of investment, loan, bonds and leasing,” said Xu Weihua, Director of CDB’s Hainan branch.

“Now HNA is streamlining and optimizing the controlled businesses and will close some small-sized subsidiaries of the group, meanwhile, the group has been looking for overseas investment opportunities through acquisitions,” said Chen Feng, president of HNA Group.  [05/12/12]

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