January 31, 2018 / 8:21 AM / in a year

China's HNA targets $16 bln in asset sales in first half -Bloomberg

BEIJING, Jan 31 (Reuters) - China’s HNA Group told creditors it would seek to sell about $16 billion worth of assets in the first half of the year, Bloomberg reported on Wednesday, citing sources familiar with the matter.

The sales plan is aimed at repaying debts and staving off a liquidity crunch, according to Bloomberg.

Reuters reported on Tuesday that the aviation-to-financial services conglomerate has told creditors it faces a potential cash shortfall of at least 15 billion yuan ($2.38 billion) in the first quarter, even as the company moves to sell more assets and reduce its leverage. ($1 = 6.2965 Chinese yuan renminbi) (Reporting by Beijing Monitoring Desk; Editing by Himani Sarkar)

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