Chinese conglomerate HNA cedes control of core airline operations

The handover is the latest step in the long dissolution of one of China's biggest conglomerates

HNA Group has officially handed over control of its core airline operations to Liaoning Fangda Group Industrial, marking the end of an era for the Chinese conglomerate as it continues to restructure one of the country’s biggest piles of corporate debt. 

Gu Gang, head of a government taskforce in charge of HNA’s restructuring, will no longer serve as the group’s leading secretary for the Communist Party after the key handover of Hainan Airlines Holding, the company said in a statement on social media. The taskforce will continue its remaining work in handling the group’s reorganisation, according to the statement.

“We wish Hainan