Chinese conglomerate HNA group on Wednesday said that Wang Jian, the firm's chairman and co-founder, died during a business trip in the south of France. Wang "accidentally fell causing serious injury, and attempts to rescue him were ineffective," the firm said in a statement. "Together, we mourn the loss of an exceptionally gifted leader and role model, whose vision and values will continue to be a beacon for all who had the good fortune to know him." Read more: How dangerous are China's shadow banks? The firm did not provide details on how he died. However, broadcaster France Bleu reported on Tuesday that a man fitting Wang's description had fallen more than 10 meters (33 feet) to his death while attempting to take a photo from a wall. Local police officer Hubert Meriaux also said that "witness accounts point to a likely accident" in the case: "He stood on the edge of a sharp drop to get his family to take a picture of him and fell." However, Meriaux stressed that an autopsy was still pending. Wang Jian had previously served as the company's chief executive Evolution of a Chinese company Wang co-founded the firm in 1993 as a small provincial airline serving the Chinese province of Hainan. Since then, it has transformed into a Fortune 500 company, operating China's four-largest airline and acquiring a 25-percent stake in Hilton Worldwide chain of hotels. Last year, Beijing set its sight on HNA during a crackdown on risky financing, which had long fueled expansion for Chinese companies. The company has since sold off parts of its vast empire in aviation, tourism and financial services to manage its debt. Read more: Will China's high debt levels spark a financial crisis? HNA Group controls an 8.8 percent stake in Deutsche Bank. The company was listed 170 on Fortune 500 Global list in 2017 with $53.3 billion (€62 billion) in revenue. ls/msh (AP, AFP) Each evening at 1830 UTC, DW's editors send out a selection of the day's hard news and quality feature journalism. You can sign up to receive it directly here.<doc-sep>The success of HNA can be attributed to the savviness of Mr Wang and Mr Chen but the future of this company might still, in part, depend on the government's policies. Last year, as Beijing started to curb financial risks posed by such debt-ridden conglomerates, HNA had to embark on a selling spree to pay down its debt.<doc-sep>Get email updates with the day's biggest stories Invalid Email Something went wrong, please try again later. Sign up Thank you for subscribing We have more newsletters Show me See our privacy notice A Chinese billionaire has fallen to his death in France during a business trip. Wang Jian, co-chairman and co-founder of HNA Group, passed away on July 3 after a serious injury caused by a fall, a spokesman said today. HNA said Wang, 57, suffered a fall in Provence and received medical treatment but did not recover. "HNA Group extends deepest condolences to Mr Wang's family and many friends," HNA's board and management team said in a statement. "Together, we mourn the loss of an exceptionally gifted leader and role model, whose vision and values will continue to be a beacon for all who had the good fortune to know him, as well as for the many others whose lives he touched through his work and philanthropy." HNA is based on the southern Chinese island of Hainan and best known as the owner of Hainan Airlines. It has also held stakes in Deutsche Bank AG and Hilton Worldwide Holdings.<doc-sep>A Chinese business tycoon fell to his death while taking photographs on a business trip to France, police said. Wang Jian, 57, co-chairman of the wealthy HNA Group, climbed a high parapet to take photographs in the picturesque village of Bonniex, police said. HNA is one of the world’s biggest companies and has stakes in Deutsche Bank, hotel chain Hilton and some of London’s huge skyscrapers. It is currently in the process of selling some global assets as Chinese regulators tighten lending controls and press companies to rein in debt. Beauty spot: Wang Jian died while taking photographs of picturesque Bonnieux in France / REUTERS Wang graduated from the Civil Aviation University of China and received an MBA from the Maastricht School of Management in the Netherlands, according to his company.<doc-sep>
The chairman and co-founder of one of China’s largest conglomerates, HNA, has died from an accidental fall while travelling in France, according to the company. HNA said on Wednesday that Wang Jian, 57, had fallen and died from his injuries on Tuesday in Provence. Lietenant-colonel Hubert Meriaux of the Vaucluse gendarmerie force told Reuters Wang had fallen off 15 metres when he slipped off of a ledge. “He stood on the edge of a sharp drop to get his family to take a picture of him and fell,” Meriaux said. Police said they were not treating his death as suspicious. HNA, the owner of Hainan Airlines, once symbolised the appetite of Chinese companies for assets outside of China. However, after a $50bn (£37.9bn) global buying spree of hotels, real estate, financial services and other investments, HNA is now one of the country’s most indebted companies. It is also part of a group of “grey rhinos” – companies whose risks are large and obvious but go unnoticed until it is too late – that regulators in China have begun to see as potential threats to the Chinese economy. Guardian business email sign-up Under pressure to deleverage, HNA has been divesting assets, including real estate as well as stakes in Deutsche Bank and Hilton Worldwide Holdings. There are signs it is still struggling. A deal in which HNA would purchase an Australian logistics company for $207m fell through this week over “liquidity problems” at HNA. Last year, regulators in New Zealand blocked HNA from purchasing a car loan company out of concern over the company’s financial stability. On Wednesday, HNA turned its website grey. “We mourn the loss of an exceptionally gifted leader and role model, whose vision and values will continue to be a beacon for all who had the good fortune to know him, as well as for the many others whose lives he touched through his work and philanthropy,” the company said in a statement.