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在线翻译:
szdaily -> Markets
HNA unit misses early payment on trust loan
    2018-February-8  08:53    Shenzhen Daily

AN HNA Group company has failed to make an early payment it had agreed to on a 1.7 billion yuan (US$271.9 million) trust product that falls due next week, two sources with direct knowledge of the situation said, the latest indication of financial stress at the highly leveraged conglomerate.

CITIC Trust issued the one-year loan product last year on behalf of HNA Real Estate Group, a property development arm of the Shanghai-listed HNA Infrastructure Investment Group Co.

A few days ago, HNA Real Estate provided a promise letter to CITIC Trust stating that it would repay part of the trust loan by Feb. 5, the sources said. That promised early payment failed to materialize due to HNA’s tight liquidity situation, the sources said.

Details on the size of the early payment for the trust product were not immediately available.

The uncertainty over HNA’s repayment of the trust loan underscores wider apprehension surrounding the debt-troubled conglomerate, as well the ongoing heated discussions now taking place behind the scenes between the group and its creditors.

Late Tuesday, HNA Infrastructure published a statement to the Shanghai Stock Exchange, asserting that the company was able to meet its loan principal and trust income obligations on time.

Repayments on the trust product, HNA Infrastructure said, are staggered from Feb. 16 through the end of November.

The company also it was coordinating with CITIC Trust to “deal with the matter.”

CITIC Trust will take legal action against HNA if the payment fails to materialize, one of the sources said, pointing to the value of guarantees HNA pledged for the loan.

The HNA trust loan is guaranteed by the rights to use three plots of land that are part of HNA’s Sun Moon Plaza project, a shopping development located across the road from the provincial government offices, according to a product description.

HNA Infrastructure Investment Group also provided guarantees for the payment, according to the description. (SD-Agencies)

 

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