Major airline group in China Reduced flights One after another Deterioration of funding Relief request February 29 22:17
The `` Kaikai Group '', which has a major Chinese airline as its umbrella, revealed that the spread of the new coronavirus caused a series of cuts in airmail, which worsened funding and sought relief from the local government. Did. The Group has been liable to invest in real estate so far, and the effects of the new coronavirus have affected airline management.
Hainan Group, based in Hainan Province in southern China, has announced on Tuesday that it has sought relief from the local Hainan Province government to remedy the management risks of the previous debt increase.
The announcement explains that the spread of the new coronavirus has "increased the risk of liquidity" since its entry, and that it has worsened its cash flow. Upon receiving the request, the local government has established a countermeasure organization and will participate in the management of the group in the future.
The Kaikai Group, established in 1993, has been expanding its business by actively investing in real estate and finance businesses such as famous overseas hotels, centered on the major airline "Hainan Airlines".
However, three years ago, as the Chinese government tightened its overseas investment, it continued to sell its overseas assets with large debts, but severe business conditions continued.
In China, as part of measures to prevent the spread of the virus, the number of domestic and international flights has been reduced in order to curb the movement of people, which has affected the management of airlines and groups.