HNA defaults on 300m yuan loan

Business | Agencies 14 Sep 2018

China's Hunan Trust said yesterday that HNA Innovation has failed to pay back 300 million yuan (HK$343.90 million) worth of principal in a loan due September 10.

The default follows another unit of the China's debt-laden HNA Group that made delayed bond payments after missing a deadline in late August.

Earlier this week, the conglomerate was reported that it is seeking a buyer for its container-leasing business Seaco.

HNA was working with an adviser on the potential sale, which could fetch about US$1 billion (HK$7.8 billion). The conglomerate decided to sell Seaco as part of its strategy to divest assets unrelated to its core aviation business, sources said.

Seaco, which is controlled by HNA's Shenzhen-listed Bohai Capital Holding unit, may draw interest from other global rivals in the container leasing industry.

Seaco should see strong bids, and those interested could include Triton International, Textainer Group Holdings or Chinese box manufacturer China International Marine Containers (Group), said Rahul Kapoor, a Singapore-based analyst with Intelligence.

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