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Bloomberg
A unit of HNA Group Co. will lead two funds that will invest 20 billion yuan ($3.2 billion) in China’s “One Belt, One Road†initiative as the conglomerate shows its support for the government campaign.
HNA Capital Group Co., which owns aircraft leasing firm Bohai Capital Holding Co. and online financial platform Jubaohui, will back infrastructure and financial services projects in Greater China and Southeast Asia, the company said in an emailed statement. It will also introduce investors from Asean nations to invest in the projects, it said.
The group has been pushing ahead with deals that complement President Xi Jinping’s initiative for trade infrastructure projects around the globe. Its investments include purchase of one of Brazil’s busiest airports and acquisition of Singaporean warehousing-and-delivery company CWT Ltd.
HNA Group has been under the spotlight in recent months as financial pressure mounts after it spent tens of billions of dollars to snap up global assets from Manhattan buildings to hotels.
It has signalled the group will reverse such debt-fuelled buying spree and sell assets to repay debts.