Chinese Tycoon Dies After Falling Off A Wall In France

Eileen GuzmanJul 07, 2018

HNA Group said Wang Jian, a co-founder of the company, suffered "severe injuries" in a fall and died Tuesday at age 57.

Wang Jian, chairman of Chinese conglomerate HNA dies in accident during French business trip. Wang fell from the wall in Bonnieux whilst having his picture taken.

In April, HNA disclosed plans to sell at least some of its more than $6.5 billion stake in hotel operator Hilton Worldwide Holdings Inc., according to a USA regulatory filing.

HNA, the owner of Hainan Airlines, once symbolised the appetite of Chinese companies for assets outside of China. Subscribe to the Standard Group SMS service by texting "NEWS" to 22840.

Another police source told The New York Times that Wang's death was being investigated but that the police had no immediate suspicions of foul play.

Would you like to get published on Standard Media websites?

Police are not treating his death as suspicious.

In honor of its ill-fated chairman the HNA Group switched its official website to monochrome and posted a statement mourning Wang's death.

Wang (pictured) held a stake of about 15 per cent in the group and managed day-to-day operations. HNA said past year that its executives plan to donate all their shares to the Cihang charities that own a majority of HNA should they resign or die.

Wang 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.

Hong Kong-listed CWT, a Singaporean commodities and logistics group acquired by HNA in late 2017, fell as much as 7.4% during the day before closing down 5.6%. He along with co-founder Chen Feng transformed a regional airline based in China's Hainan province into a conglomerate with US$230 billion in assets. HNA's financial struggles began to emerge in the middle of a year ago, when its interim report showed the conglomerate paid the highest interest expense among non-financial companies in Asia.

A financial report in April revealed, however, that HNA's debts have reached $94 billion. It already has sold a more than $1 billion stake in an affiliated timeshare company, Hilton Grand Vacations Inc. In November, HNA sold China's most expensive short-term dollar bond, and a month later China Citic Bank Corp. said a unit of the group had repayment difficulties. The seller cited cashflow problems at HNA as a factor.

Related Articles:



« Previous article
Next article »


Popular Pages

Diver dies in Thailand cave rescue attempt
The death of an experienced rescue diver in the cave system underlined the inherent risks in attempting to move the boys. Officials are concerned about the oxygen levels in the cave where a Thai soccer team has been trapped for 13 days.

Meghan Markle ditches the Queen’s one fashion rule to fight the heatwave
But according to Twitter users, Meghan's accent had a new hint of British, and is starting to slowly lose her American one. With her first formal dinner likely to happen this year, she'll need look no further than one of these spectacular gowns.

South Korean Basketballers Arrive in North to Mix Sports, Diplomacy
Pyongyang wants to normalize relations with the United States and others without giving up its nuclear weapons and fissile material.

Keri Russell in talks to join 'Star Wars: Episode IX'
Russell also had an action-packed role in his Mission: Impossible III , and Abrams spoke at her Walk of Fame induction ceremony . Earlier today, a report came out suggesting that Episode IX will likely be finding its way to some familiar Star Wars locales.

Man who challenged black family's use of pool loses job
The incidents come about a week after a white woman was accused of shoving a 15-year-old black boy at a SC pool. In the video, the woman also proves she has access to the community pool and asks the man to apologize.

Malaysia's Mahathir to visit China over lopsided projects
It has urged Mahathir's government to "honor and respect" the contract signed by Najib's administration. The government also says it will halt pipeline projects.

Megaupload's Kim Dotcom loses bid to avoid US extradition
The US authorities say that Mr Dotcom , 44, and his three co-accused cost film studios and... Mr Dotcom and his co-accused have consistently denied the United States charges.

United States jobs growth stronger than expected
More than 600,000 workers joined the economy last month, bringing the total labor force participation rate to 62.9 percent. Following the report, USA stock turned positive after having been in red figures ahead of the report.

Samsung profits slow after poor smartphone sales
Samsung fans will likely have to wait until late 2018 for further rumors on which device will be announced first next year. The Galaxy X launch has been postponed for a few years, but it looks like it will finally be hitting the market next year.

Brazil's Danilo out of World Cup with ankle ligament injury
It's been a brilliant, dramatic tournament so far, and the last-eight looks likely to follow suit. Or if they can't get past the home team, they will be the latest Croatia team to fall short.