China's HNA Group said it has transferred the management of its core aviation business, including Hainan Airlines Holding, to strategic investor Liaoning Fangda Group Industrial, effective Wednesday.
Gu Gang, an official appointed by the local government to resolve years-long debt risk at HNA, will no longer serve as the conglomerate's Communist Party secretary as the reorganization had made progress, HNA said in a statement on social media.
Fangda Group is a conglomerate involved in carbon, steel and pharmaceutical sectors, with listed units such as Fangda Carbon New Material, Fangda Special Steel Technology and Northeastern Pharmaceutical Group.
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