HNA chairman Wang Jian died falling off wall in France

A HNA Group logo is seen on the building of HNA Plaza in Beijing

A HNA Group logo is seen on the building of HNA Plaza in Beijing

Shares of HNA's Hong Kong-listed subsidiaries slumped Wednesday after HNA published a statement on Wang's death, which occurred Tuesday.

Wang Jian was just 57 years old when he died in a freak fall in the south of France earlier this week.

The company started as a small provincial airline servicing China's Hainan Province but has expanded quickly in recent years under the leadership of Wang and business partner Chen Feng.

It has major stakes in Deutsche Bank, hotel chain Hilton and skyscrapers in London and employs more than 400,000 people worldwide.

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His death complicates the troubled conglomerate's efforts to restructure and pay off borrowings, and could increase pressure on HNA to reveal more about its often-criticised opaque ownership.

HNA has been selling some assets as Chinese regulators tighten lending controls and press companies to rein in debt. The bond, issued in August 2016 to raise $1 billion, is held by investors including UBS and Fidelity International. According to the forecasts we are talking about the deals for $ 14 billion. Other reports said Wang had fallen off a cliff while having his picture taken. Wang was unconsciousness after falling from the wall.

According to various sources, he plunged between 12 and 15 metres. "He had been under great pressure recently".

Furthermore, Guo had even predicted more than one year ago that HNA's top management team members would die in an accident due to their secret ties with Chinese officials, according to a former employee of Voice of America. The government has moved to rein in risks to the financial system created by such debt-ridden companies while cracking down on acquisitions in areas like travel, leisure and entertainment that were seen as frivolous. The company has invested a lot of money in real estate overseas, including the United States.

HNA reported a 36% leap in its debt pile at the end of 2017 of nearly $95bn compared to a year earlier while the Financial Times reported in January that HNA was offering high returns for short-term loans. Last year, the company also took the unusual step of disclosing its shareholding structure.

He held a 15 per cent stake in HNA. His percentage will be split between the NY and Hainan branches of the Hainan Cihang Charity Foundation, according to the pledge all stakeholders were obligated to sign.

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