Chinese firm HNA's debt declines for first time, shrinks by about $8.3 bn

HNA has sold more than $17 billion in assets this year

HNA Group’s debt, one of the highest among Chinese companies, declined for the first time after the embattled conglomerate reversed a multi-year acquisition spree by selling off dozens of assets to stay in business.

Total debt fell 9.5 per cent to 541.6 billion yuan ($79 billion) at the end of June, down about $8.3 billion from the record high set at the end of last year, according to figures derived from a half-year report dated Friday. Prior to this, HNA’s debt had always risen, based on public data stretching back to 2005.

The lighter debt load could ease the pressure on HNA,