5min read
PREVIOUS ARTICLE Westpac cops first strike on e... NEXT ARTICLE Copper dips on US-China trade ...

Pierre and Vacances said Wednesday that the sprawling Chinese conglomerate HNA was no longer a shareholder, marking the end of a two-year partnership that the French tourism group had hoped would help its expansion into China.
In a statement the firm said it ended all its financial and commercial ties with HNA, a heavily indebted group that is being investigated by Chinese banking regulators for its foreign investments.
The controlling shareholder in Pierre and Vacances will buy the 10 percent stake for 15.6 million euros ($17.7 million).
The agreement also puts an end to a joint venture that planned to transplant into China the French firm’s concept of vacation villages nestled in forests.
Pierre and Vacances said HNA was supposed to help finance the construction of five vacation villages in China but had not.
The firm added that negotiations were under way with other possible partners for developing its vacation villages in China.