Bankers vow tougher checks as HNA subsidiary in suspected default shock

HNA
By Pan Yue
17 Apr 2019

HNA Group’s Hong Kong subsidiary, CWT International, appeared to default on a secured Hong Kong dollar loan on Wednesday. Although the company has had debt problems in the past year, many bankers were still surprised by the default and said more thorough background checks will be carried out on Chinese borrowers in future. Pan Yue reports.

CWT International has defaulted on a HK$1.4bn ($179m) loan. The company said in a stock filing on Tuesday that it has failed to repay accrued interest and fees totalling HK$63m.

As a result, CWT was required to repay the full loan and accrued interest before 9.00am Hong Kong time ...

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