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[BEIJING] Senior executives of China's HNA Group, the aviation-to-financial services conglomerate, have agreed to purchase 86.7 million yuan (S$17.7 million) worth of shares in HNA subsidiary Bohai Capital Holdings, Bohai said on Wednesday.
HNA Chairman Chen Feng, along with senior board members Wang Jian, Tan Xiangdong, Li Xianhua, Lu Ying, and Chen Wenli all agreed to purchase 10 million yuan worth of shares to bolster "investor confidence" and promote stability at the firm, Bohai said in a statement.
Five other board members will buy three million yuan in shares each, the statement said.
Senior executives at HNA Capital, Bohai's controlling shareholder, agreed to purchase 8.6 million yuan worth of shares, while Bohai Capital's directors and senior managers agreed to buy 3.1 million yuan in stock, Bohai said in separate statements.
The shares will be bought at market prices within three months.
The announcement of the investments comes amid market concerns that the indebted conglomerate is facing a liquidity crunch amid a slew of repayment obligations and rising financing costs.
Bohai Capital, which oversees the group's leasing activities, including aircraft leasing firm Avolon Holdings and container leasing company Seaco, has seen its share price drop nearly 20 per cent this year.
Its shares gained 1.2 per cent on the Shenzhen Stock Exchange on Wednesday morning.