By Se Young Lee and Jean-Francois Rosnoblet BEIJING/MARSEILLE, France (Reuters) - Chinese conglomerate HNA Group [HNAIRC.UL] Co-Chairman Wang Jian died during a business trip in France on July 3 in what local police said appeared to be an accidental fall from a wall while posing for a photograph. Wang, 57, is regarded as the architect of an eye-popping $50 billion acquisition spree that saw HNA accumulate assets ranging from a stake in Deutsche Bank AG to high-profile overseas properties. Under pressure from Beijing, HNA has since sold off many of those assets to slash debt. He was in charge of HNA's strategy and ran day-to-day operations, sources familiar with the matter have said, while his fellow chairman and co-founder Chen Feng was often the public face of the group. His death complicates the troubled conglomerate's efforts to restructure and pay off borrowings, and could increase pressure on HNA to reveal more about its oft-criticized opaque ownership. Wang fell 15 meters … [Read more...] about China’s HNA Chairman Wang dies in France after falling from a wall
China spree
China’s HNA Group says co-chairman has died in France
Updated 3:13 am CDT, Wednesday, July 4, 2018 BEIJING (AP) — Chinese conglomerate HNA Group, which operates Hainan Airlines and other businesses around the world, says its co-chairman has died while on a business trip in France. HNA Group said Wang Jian, a co-founder of the company, suffered "severe injuries" in a fall and died Tuesday at age 57. It gave no other details. Launched in 1993 on the southern island of Hainan, HNA grew to become China's fourth-largest airline and expanded into finance, hotels, logistics and other businesses in a multibillion-dollar global acquisition spree. More recently, HNA has been selling some assets as Chinese regulators tighten lending controls and press companies to rein in debt. … [Read more...] about China’s HNA Group says co-chairman has died in France
China Taps the Brakes on Its Global Push for Influence
Sections SEARCH Skip to content Skip to site index Business Day Subscribe Log In Subscribe Log In Advertisement Supported by ByKeith Bradsher June 29, 2018 SHANGHAI — China has spent nearly five years steering an ever-growing stream of hundreds of billions of dollars to a bold plan to gain greater global influence by funding big projects across Asia, Eastern Europe and Africa. Now, Beijing is starting to tap the brakes. The value of the deals that Chinese companies are striking under the country’s big global plan — called the Belt and Road Initiative — is smaller than a year ago, according to new data. Chinese officials themselves are sounding a cautious note, voicing worries that Chinese institutions need to be careful how much they lend under the program — and make sure their international borrowers can pay it back. “Current international conditions are very uncertain, with lots of economic risks … [Read more...] about China Taps the Brakes on Its Global Push for Influence
China tries to defuse trade tensions, says it benefits the world
China's government defended its trade record as providing benefits to the world in a new effort Thursday to defuse U.S. and European pressure over market access and technology policy. A Cabinet report repeated promises to cut tariffs and open more industries to investment. But it didn't address complaints about plans to create Chinese global technology competitors that are at the heart of a spiraling trade dispute with U.S. President Donald Trump. China's growth "has brought great opportunities to trading partners all over the world," Deputy Commerce Minister Wang Shouwen said at a news conference. There are signs of softening within the Trump administration. President Donald Trump de-escalated a confrontation with China on Wednesday by dropping plans to impose strict limits on Chinese investment in U.S. technology companies and instead urging Congress to strengthen existing laws that apply to all foreign countries. The administration's more conciliatory stance raised at least the … [Read more...] about China tries to defuse trade tensions, says it benefits the world
China tries to defuse trade pressure, says world benefits
BEIJING -- China's government defended its trade record as a benefit to the world in a new effort Thursday to defuse U.S. and European pressure over market access and technology policy. A Cabinet report repeated promises to cut tariffs and open more industries to investment. But it didn't address complaints about plans to create Chinese global technology competitors that are at the heart of a spiraling trade dispute with U.S. President Donald Trump. China's growth "has brought great opportunities to trading partners all over the world," Deputy Commerce Minister Wang Shouwen said at a news conference.The report highlights the clash between Beijing's insistence it has honored market-opening promises made when it joined the World Trade Organization in 2001 and arguments by Washington, Europe and others that Beijing improperly hampers access to emerging industries and steals or pressures foreign companies to hand over technology.Trump's threat of tariff hikes on up to $450 billion of … [Read more...] about China tries to defuse trade pressure, says world benefits