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A police source in France said Wang had died after a 10 metre fall off a wall while trying to take photographs in the village of Bonnieux, near Avignon.

China's HNA boss Wang Jian has died from a fall in Provence, France.

HNA co-chairman Chen Feng is on his way to France, and other executives have rushed back to the company's headquarters in Haikou, Hainan province, Caixin has learned.

Shares of jewellery maker Hifood Group Holdings, an indirect unit of HNA Group, fell 11 percent on Thursday to all-time lows, leading the slide in Hong Kong-listed stocks related to HNA whose co-chairman died in an accident two days ago.

HNA went on a major buying spree in recent years, snapping up big chunks of major U.S. and European companies - including Deutsche Bank (DB) and Hilton (HLT). His death may complicate HNA's efforts to restructure assets and pay off debts after years of reckless spending. HNA Group operates in the airline industry, tourism, Finance, logistics, scientific developments and the industrial sector. Most notably, the company announced that its largest shareholder, a mysterious businessman named Guan Jun, had donated his 30 percent stake in the company to a charitable organization.

Most of HNA's Shenzhen and Shanghai-listed subsidiaries have been suspended since late past year amid the company's efforts to restructure assets for debt relief. The bond, issued in August 2016 to raise $1 billion, is held by investors including UBS and Fidelity International. According to the forecasts we are talking about the deals for $ 14 billion.

He said Mr Wang fell some 15m (50ft). Wang was unconsciousness after falling from the wall.

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Wang Jian was 57. "He had been under great pressure recently".

On paper these are all solid companies with shiny brand names, while HNA had assets hovering around the $80 billion mark, the Financial Times reported in 2016. The company has invested a lot of money in real estate overseas, including the United States.

Maybe, but only time will tell if the company will continue its restructuring program or end up in the "Gray Rhino" trap.

Amber lights started flashing earlier this year when China's "big beasts" of the business jungle were warned to rein in excessive spending as part of Beijing's war on ballooning debt.

He was also the guest of honour at the Jewish Museum's 31st annual Purim Ball at the Park Avenue Armory in NY last year, where he was presented with a gift in front of 700 guests - a crystal bowl decorated with two gold roosters - to mark the Chinese calendar's year of the rooster.

According to a pledge signed by the 12 stakeholders, Wang's shares will now be split between the NY and Hainan branches of the Hainan Cihang Charity Foundation, which own the majority stake in the HNA Group. His percentage will be split between the NY and Hainan branches of the Hainan Cihang Charity Foundation, according to the pledge all stakeholders were obligated to sign.

It is understood shareholders have promised that in the event of leaving the company or dying they would pass their stakes to the NY charity fund.


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