November 7, 2017 / 11:27 PM / a year ago

UPDATE 1-HNA's top shareholder to name ex-German minister as its CEO -source

(Adds HNA no comment)

By Arno Schuetze

Nov 7 (Reuters) - HNA Group’s largest shareholder, Hainan Cihang Charity Foundation Inc, is set to appoint former German economy minister and vice chancellor Philipp Roesler as its chief executive, according to a person familiar with the matter.

Bloomberg, which had earlier reported the proposed appointment, added that it could be made in the coming weeks.

Earlier on Tuesday China’s heavily indebted airline-to-property conglomerate said it has agreed to a sale and repurchase deal on some of its shares in Spain’s NH Hotel Group to raise cash for internal financing.

HNA, which is also one of the biggest shareholders in Deutsche Bank, has taken on billions in debt to fund a $50 billion acquisition spree in the last two years and has faced rising funding costs in recent weeks as investors worry about its financial health.

HNA did not comment on the story. (Reporting by Parikshit Mishra in Bengaluru; Editing by Greg Mahlich and Chris Reese)

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