Business
Nothing to crow about
After cocking up the Year of the Rooster some Chinese firms will be hoping that the new year is man’s best friend.
Some of China’s most expansionist companies have taken quite the hit during the Year of the Rooster, which ends tomorrow. The Hainan-based conglomerate HNA has just announced the sale of two Hong Kong sites, one of which it had only acquired in the middle of 2017 with a plan to build affordable housing for its employees. The debt-laden company is now looking to offload a string of overseas acquisitions, ranging from stakes in American hotel chains to German investment banks. It’s a similar story for LeEco and its founder Jia Yueting (pictured) – China’s Elon Musk – who was bailed out by property-investment company Sunac and is fighting to keep control of a sprawling business that spans electronics, entertainment and electric cars. Even Dalian Wanda, the world’s largest private property developer, recently reported a double-digit revenue drop and has been busy offloading assets. Will the upcoming Year of the Dog bring these companies better luck?