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HNA Group's financing costs double after deal-making spree - Bloomberg
August 30, 2017 / 7:43 PM / 3 months ago

HNA Group's financing costs double after deal-making spree - Bloomberg

(Reuters) - Chinese conglomerate HNA Group Co’s financing costs more than doubled in the first half of the year following two years of aggressive deal-making, Bloomberg reported on Wednesday.

The HNA Group logo is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration

Financing costs surged to 14.2 billion yuan ($2.2 billion) in the first half of 2017 from 6.47 billion yuan a year earlier, Bloomberg said, citing the company's semiannual report. bloom.bg/2gqkL9Q

Among a series of deals, HNA bought stakes in Deutsche Bank (DBKGn.DE) and Hilton Worldwide Holdings Inc (HLT.N), and took over electronics distributor Ingram Micro.

The group has more than quadrupled its assets to 1.2 trillion yuan at the end of 2016 from 266 billion yuan at the end of 2013.

Reuters was not immediately able to verify the details of the report.

Reporting by Ishita Chigilli Palli in Bengaluru; Editing by Anil D'Silva

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