A few days after the Chinese conglomerate HNA Group dismissed bankruptcy rumours about its subsidiary, Hainan Airlines, The Paper reported that another subsidiary, HNA Hotels, failed to issue private corporate bonds.

According to the Shanghai Stock Exchange, a 2-billion-yuan non-public issuance of corporate bonds by HNA Hotels Holdings Group Co. Ltd. was terminated on Monday, casting shadows on a company believed to be in trouble.

The Group’s hotel business aggressively began overseas mergers and acquisitions in 2010, including buying stakes in Carlson Hotels Group, European NH Hotels Group and Hilton Group.

However, due to the capital crisis, the company has sold its Carlson Hotels stakes to Jinjiang International, and then sold its stake in Hilton Group and its shares of Hilton Timeshare Hotels in 2018.