A once high-flying mainland investor has been grounded by the courts after failing to make a $5,300 payment ordered in a lawsuit judgement, landing HNA Group at the top of the news once again.
Also in the real estate headlines from around Asia today, China Evergrande Group says that it has raised $516 million from investors including Tencent to help fuel its electric car division and home buyers in Singapore were feeling charged up in August as they drove sales of new units to an 11-month high.
The chairman of cash-strapped HNA Group has been barred from taking flights and high-speed trains and going on vacations due to the Chinese conglomerate’s failure to pay a court-ordered $5,300 in a lawsuit, a court document showed.
The once high-flying company, which owns Hainan Airlines <600221.SS>, is in the midst of a restructuring led by the Hainan government to resolve its liquidity risks stemming from years of aggressive acquisitions abroad. Read more>>