BEIJING (Reuters) - China’s Hainan provincial government does not intend to offer support to cash-strapped, aviation-to-financial services conglomerate HNA Group [HNAIRC.UL], Vice Governor Mao Chaofeng said on Tuesday.
Mao, asked on the sidelines of China’s annual meeting of parliament whether the provincial government will offer support to HNA, said the government will not interfere in a company’s operations and cannot contravene the rules of the market economy.
Mao said, however, there should not be any problems for HNA Group given the quality of its assets and the current situation.
HNA, which is based in Hainan, has been selling assets and shareholdings, while restructuring its widespread operations, following a $50 billion investment spree that left the company in a precarious cash crunch.
Reporting by Ben Blanchard and Matthew Miller; Writing by Beijing Monitoring Desk; Editing by Kim COghill