The chairman and co-founder of one of China’s largest acquisitive conglomerates, HNA, has died from a fall while travelling in France.
Wang died Tuesday morning after falling from a 10-metre high cliff while having his photograph taken in Bonnieux.
Wang, the second-highest ranking executive at HNA, owned about 15 per cent of the Chinese conglomerate, making him one of the group’s largest shareholders.
According to HNA, Wang graduated from the Civil Aviation University of China and received an MBA from the Maastricht School of Management in the Netherlands.
In 1990, he helped establish Hainan Provincial Airlines Co. and was one of the founders of the group.
"HNA Group extends deepest condolences to Mr.Wang's family and many friends," the company said in a statement.
"Together, we mourn the loss of an exceptionally gifted leader and role model."
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Wang's death comes at a problematic time for HNA who are currently experiencing deleveraging pressures as authorities in China aim to crack down on aggressive overseas deal-making.
The debt-laden giant has been offloading billions of dollars in assets this year amid soaring borrowing costs.
HNA’s latest annual report revealed the group had more than $94 billion in debt.
The company has begun actively offloading assets selling holdings in Hilton Inc, Park Hotels & Resorts and Spain's NH Hotels.
It also sold off what was to be a showpiece development on the site of Hong Kong’s Kai Tak Airport.
Earlier this week, HNA terminated a $400 million deal with Australia's Automative Holdings Group for their refrigerated logistics and trucking arm.
AHG cited HNA's cash flow options as the cause of the breakdown.
HNA also holds a 19 per cent stake in Virgin Australia Holdings.