China nears takeover of HNA Group as coronavirus hits business

BEIJING - China plans to take over indebted conglomerate HNA Group and sell off its airline assets, the most dramatic step to date by the state to contain the deepening economic damage from the deadly coronavirus outbreak.

China is under growing strain from the shutdowns imposed to curb the coronavirus, which has killed more than 2,000 people. As President Xi Jinping seeks to prevent the short-term economic pain from turning into a slump that outlasts the contagion, his government is considering direct cash infusions or mergers to stabilize the hobbled airline industry, while the People's Bank of China said it will work on supporting domestic consumption.

HNA has been slimming down after a US$40 billion buying binge left it with one of the highest levels of corporate debt in China. In the past year, the group has been returning to its aviation roots, culminating in a November announcement to divide its businesses into airlines, aviation leasing and airports, with the rest being lumped under its"non-aviation asset management" unit.

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