HNA Group who own Hainan Airlines along with others including Beijing Capital Airlines and Tianjin, are facing Chinese Banks creating a task force to manage its credit and debt issues.
The group, which US investigations have found to be almost impossible to unravel and is at best described as ‘opaque’, spent $50 billion US on global investments from Hilton Hotels to DeutscheBank over two years. The Chinese government appears to be investigating how this was achieved.
Several of Hainan’s airlines are trying to slow or renegotiate lease payments, as creditor banks decline more finance because of restrictions placed by the Chinese Government on exporting currency.
While the airlines are operating normally at present their seems to be growing concern that their are serious medium term issues that need addressing.