Chinese tycoon dies from fall in France

05 July, 2018, 07:57 | Author: Brooke Harris
  • Wang Jian of HNA Group

Wang suffered the fatal accident on Tuesday in the picturesque hillside village of Bonnieux after climbing onto a parapet, either to see the view of the valley below or to have his photograph taken, local security sources told AFP.

According to a pledge signed by the 12 stakeholders, Wang's shares will now be split between the NY and Hainan branches of the Hainan Cihang Charity Foundation, which own the majority stake in the HNA Group.

It also plans to market its stake in Brazilian airline Azul SA, worth around $324 million. It was not immediately clear how binding those promises were.

An aviation-to-financial services conglomerate that counts Hainan Airlines as its core asset, HNA's recent sales include holdings in companies such as Hilton Worldwide, Park Hotels & Resorts and Spain's NH Hotels.

Authorities in France have confirmed Mr Wang's death is not being treated as suspicious. 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.

HNA grew out of regional carrier Hainan Airlines, which began operations in 1993. A deal in which HNA would purchase an Australian logistics company for $207m fell through this week over "liquidity problems" at HNA.

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Jian, who was 57 years old, died in an accident, the company said. Wang's death appeared to be accidental lieutenant-colonel Hubert Meriaux at the Vaucluse gendarmerie told Reuters.

Wang obtained an undergraduate degree in Aviation Management from Civil Aviation University of China in 1983, and a master's degree in business administration from Holland Maastricht School of Management in 1995, according to HNA.

In a separate statement written in English, the company's board and management team, led by co-founder Chen Feng and chief executive Adam Tan, said: "HNA Group extends deepest condolences to Mr Wang's family and many friends".

HNA Group's logistics service unit CWT International Ltd dropped 5.5 percent to the lowest since April previous year, Hong Kong International Construction Investment Management Group slid 3.7 percent, and HNA Technology was down 2.4 percent.

"HNA Wang Jian died" briefly ranked 11th on the Twitter-like Weibo's hot topics page, but was quickly gone from the top 50.

"Everyone in the office is talking about it, but we don't know what impact it will have on the company's direction".

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