HNA Planning Massive Job Cuts, Says Report

Cash-strapped mainland conglomerate HNA Group is said to have planned "significant" job cuts, as part of its so-called "weight-loss" programme for this year, said a Reuters report.

It said the plan may affect 100,000 jobs - a quarter of the company's workforce.

In recent months, the aviation-to-property firm has been racing to ease severe financial strain following a US$50 billion buyout spree over the past two years.

It recently sold two residential sites in Kai Tak to raise funds. HNA had outbid many local major developers to grab the sites, making headlines in the territory.

The group, whose interests range from aviation to finance, has over the past few months focused on scaling back its offshore real estate investments after being targeted by mainland regulators.

Late last month, HNA reached a deal to sell a building in Sydney, raising more than US$160 million.

Last year reports had emerged that the Hong Kong Monetary Authority had asked major lenders for details on their loans to HNA and another mainland conglomerate, Dalian Wanda Group.