atans1

New Chinese way of screwing employees

In China on 17/02/2018 at 4:08 pm

From NYT Dealbook

HNA’s new money source: its workers
The Chinese conglomerate has about $90 billion in debt from splashing out on things like Deutsche Bank and Hilton Hotels. Its borrowing costs are going up, and asset sales are becoming necessary — it’s under the gun to find more money.

Which is why it appears to be asking employees for cash, according to Alexandra Stevenson and Cao Li of the NYT:

In an email dated Jan. 4, one HNA unit told employees that it needed nearly $8 million to fund a duty free business. It advertised a 9.8 percent annualized interest rate. One week later, HNA’s media and entertainment arm said it was looking to raise nearly $80 million from employees, pledging strong returns and a plan to build up the business.

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