Chinese Tycoon Dies After Falling Off A Wall In France

Chinese Tycoon Dies After Falling Off A Wall In France

HNA said on Wednesday that Wang Jian, 57, had fallen and died from his injuries on Tuesday in Provence, without providing any more details of his death.

In April, HNA disclosed plans to sell at least some of its more than $6.5 billion stake in hotel operator Hilton Worldwide Holdings Inc., according to a US regulatory filing. It called Wang "an exceptionally gifted leader and role model". "HNA Wang Jian died" briefly ranked 11th on Twitter-like Weibo's hot topics page, but was quickly gone from the top 50. A financial report in April revealed that HNA's debts have reached $94 billion.

HNA Group controls an 8.8 percent stake in Deutsche Bank. Eventually, HNA expects the foundations to own 100 per cent of the group, the company said at the time.

According to a pledge signed by the 12 stakeholders, Wang's shares will now be split between the NY and Hainan branches of the Hainan Cihang Charity Foundation, which own the majority stake in the HNA Group.

And this week, HNA canceled its A$280 million ($207 million) debt-funded offer to buy the refrigerated trucking arm of Australia's Automotive Holdings Group Ltd.

A police source in France said Wang had died after a 10 meter fall off a wall while trying to take photographs in the village of Bonnieux, near Avignon.

More news: China rejects ‘blackmail’ on eve of United States tariff hike
More news: Brazil will find it hard to topple Belgium
More news: 24 million viewers watch England make World Cup Quarter Final

The collapsed deal came after ANZ Bank in January dropped plans to sell its UDC Finance unit to HNA for NZ$660 million as New Zealand blocked the deal over concerns about the Chinese conglomerate's ownership structure.

Chinese tycoon Wang Jian has died in France in freakish circumstances while on a sight-seeing trip. Since then, it has transformed into a Fortune 500 company, operating China's four-largest airline and acquiring a 25-percent stake in Hilton Worldwide chain of hotels.

"Wang's passing will mark the end of an era", said Corrine Png, CEO at Crucial Perspective Pte., a Singapore-based research firm focused on transportation.

Born in Tianjin, North China, he graduated from the Civil Aviation University of China, which was formerly the Civil Aviation Institute, with a bachelor's degree in airline management before going on to obtain an MBA from the Maastricht School of Management in the Netherlands.

Concerns about HNA's financial situation mounted in the ensuing months amid government scrutiny over the country's most high-profile acquirers of foreign assets. This explains why HNA's dollar bonds fell after the company confirmed the news of his death.

Related Articles

  • Israel opens fire on Palestinians who breach border; 1 dead

    Israel opens fire on Palestinians who breach border; 1 dead

    The payments can be a key source of income for families, who have in many cases lost their main breadwinner. Israel accuses Gaza's Islamist rulers Hamas of using the protests as an excuse to carry out attacks.
    Pompeo Heads Back to North Korea

    Pompeo Heads Back to North Korea

    Good to have the press along for the trip", Pompeo tweeted on Thursday , referring to the Democratic People's Republic of Korea. Trump's statements on the return of the remains of missing US troops have also been problematic.
    49 missing after boat capsizes off Thailand's Phuket island

    49 missing after boat capsizes off Thailand's Phuket island

    Officials said the 39 Chinese and European tourists who were forced to abandon that boat were rescued and have returned to land. The Pheonix boat was pummelled by huge waves as high winds whipped up the sea off the popular island of Phuket .
  • Trump Aims to Win Over Montana Supporters on Senate Race

    Trump Aims to Win Over Montana Supporters on Senate Race

    Trump is holding a rally Thursday in Great Falls to campaign for Tester's Republican challenger, State Auditor Matt Rosendale . Elizabeth Warren of MA while speaking at a campaign rally for Republican state auditor Matt Rosendale in Montana on Thursday.
    Sweden win scrappy Swiss encounter to reach World Cup quarterfinals

    Sweden win scrappy Swiss encounter to reach World Cup quarterfinals

    A header would have been a much better option. "It's what Marcus Berg and Ola Toivonen personify the most, with the work they do". Shaqiri found himself in a good position early in the second half but could not get a shot away and Robin Olsen claimed the ball.
    Forecasters reverse course, predict below-average 2018 hurricane season

    Forecasters reverse course, predict below-average 2018 hurricane season

    At 1100 AM AST (1500 UTC), the center of Tropical Depression Two was located near latitude 10.2 North, longitude 41.4 West. The depression is located between the Cabo Verde Islands and the Lesser Antilles, southeast of the Caribbean Sea.
  • Mexican Vote, Trump Bluster, Won't Derail NAFTA Progress: Ottawa

    Mexican Vote, Trump Bluster, Won't Derail NAFTA Progress: Ottawa

    Trump said he and López Obrador also discussed the possibility of a separate trade deal exclusively between Mexico and the U.S. Trump replied Sunday that the European Union "is possibly as bad [on trade] as China, just smaller".
    Trump will focus on Russia's 'malign' activity at summits

    Trump will focus on Russia's 'malign' activity at summits

    Trump has expressed scorn for the alliance and is expected to upbraid European NATO members for not spending enough on their own defense.
    Meghan Markle breaks royal protocol: All the times she's broken the rules

    Meghan Markle breaks royal protocol: All the times she's broken the rules

    And let's not forget the arrival of two new royal babies, Prince Louis in April and Lena Elizabeth Tindall , just last week. Sources tell Nicholl that she does not have an official stylist, which probably means Markle is picking her own looks.
  • Scott Pruitt resigns from EPA

    Scott Pruitt resigns from EPA

    For now, however, Trump was not giving any clues as to whose name he would send to the Senate as a permanent replacement for Pruitt.
    Thai cave rescue: Round trip to see boys takes 11 hours

    Thai cave rescue: Round trip to see boys takes 11 hours

    So they were seriously considering keeping the boys there for the full four or five months of the rainy season, he added. Volanthen, a computer engineer, told the Sunday Times in 2013 that the secret to cave diving was keeping a cool head.
    Sacha Baron Cohen New Project May Be Donald Trump-Themed

    Sacha Baron Cohen New Project May Be Donald Trump-Themed

    An archive video of Trump attacking Cohen then plays, with the president branding the Englishman a "third-rate character". It begins by showing a Trump tweet celebrating the Fourth of July before a title reads: "A Message from Donald Trump ".