HNA Group asks Chinese government for help

A330-200 Hainan airlines

HNA Group, a once-acquisitive Chinese travel conglomerate and the parent group of Hainan Airlines, has asked the government of China’s Hainan province to lead a work group dedicated to resolving its liquidity risks, the company said on its official Wechat account on Saturday.

The company said it faces increasing liquidity risks due to a coronavirus outbreak, and is not able to thoroughly deal with them itself.

The work group is led by Gu Gang, chairman of Hainan Development Holdings Co., an investment arm of the government of the southern province.

Officials from Hainan Yangpu Economic Development Zone, the Civil Aviation Administration of China’s Central and Southern Regional Administration and China Development Bank are also involved in the work team.