Embattled Chinese conglomerate HNA Group Co. Ltd. cut down its debt load by 10.7% in the first half, in comparison to the previous half, Reuters reported, citing the company's latest financial report.
HNA's total debt stood at 657.41 billion yuan at the end of the six months ended June 30, although the company's total debt to EBITDA ratio weighed in at 21.36x despite the debt reduction, the Sept. 1 report added.
The group has been trying to reduce its debt by selling off assets after being put under pressure by the Chinese government over its liquidity problems and mounting debt. The company had amassed US$50 billion worth of assets in an acquisitive spree led by former co-chairman Wang Jian, including iconic property buys across the world and a stake in Deutsche Bank AG. Wang died in an accident in France earlier in 2018.
As of Aug. 31, US$1 was equivalent to 6.83 yuan.