But another transaction was disclosed simultaneously with this investment，But there is a suspicion of "raising 188bet app download money"。Caesar Tourism announced on the same day，Decided to transfer 100% equity of China World Hotel and Guomao Industrial to Shaanxi Times Hotel Management Co., Ltd.，The transfer price is 3931 respectively.280,000 yuan and 2365.780,000 yuan。

As of press time，Caesar Travel did not reply to the reporter’s interview email on the causal relationship between the two transactions。But some industry insiders who did not want to be named said，Caesar Travel mainly focuses on outbound tourism，In recent years, affected by the decline of OTA (online travel agencies) opening stores，Performance has declined，In this context, invest in HNA Hotel，In addition to achieving cooperation，It can also be used as a "blood transfusion" for its working capital。

In fact，Just three months before Caesars Travel announced its investment in HNA Hotel，Information display published by Shanghai Stock Exchange，A 2 billion yuan 2017 non-public issuance of corporate bonds issued by HNA Hotel was terminated，The underwriter is Kaiyuan Securities Co., Ltd.。However, HNA Hotel has never explained this。

This is not the first time that Caesars Travel has “invested” in a HNA company。Early 2018，The company announced a trading suspension and reorganization，Involving Hong Kong Express Airlines Limited、Haihang Sifu Leasing Co., Ltd.、Kangtai Travel Agency Co., Ltd.、11 targets including Xinhua Tourism Co., Ltd.，Most of them are actually controlled by Haici Fund。Some people in the industry publicly stated at that time，Caesar Tourism Reorganization，There is the possibility of integrating HNA’s internal tourism resources to provide blood transfusion to the group。

“Caesar Travel invests in HNA Hotel this time，There is still a need for business collaboration，In the case of declining performance，More needs to expand business，It is not wise to transfuse HNA Hotel with blood at the moment，" Civil aviation commentator Qi Qi told reporters。

Also，Reporter found after checking financial report，Caesar Tourism 188bet app achieved operating income of 18 in the first quarter of 2019.0.6 billion yuan，YoY increase of 0.41%;Deduction of non-net profit loss 1075.430,000 yuan，But in the same period last year, it made a profit of 2694.950,000 yuan，139 year-on-year decrease.91%。And this performance，It is just a continuation of the poor performance in 2018。Full year 2018，Caesar Travel’s net profit attributable to shareholders of listed companies1.9.4 billion yuan，12% less than the same period last year.03%。

Compare with Caesar Travel，HNA Hotel’s net profit performance in 2018 was slightly better。According to the latest audit report，As of December 31, 2018，HNA Hotel operating income 91.600 million yuan;Net profit 8776.40,000 yuan，With the same period last year 3.compared to 3.7 billion yuan，Obvious decline。

As understood，HNA Hotel is mainly engaged in two major businesses: hotels and leasing。Hotel business，The company owns Tangla Hotels、Guangzhou Westin Store、Sanya Asia Pacific International Conference Center, etc.，And the property rights of the subordinate hotels are owned by Hotel Holdings and its subsidiaries，All are self-built;Leasing business，The main rental projects of HNA Hotel are Chongqing HNA Hotel、Urban Construction Tianyu and Tianjin Center。

In HNA’s sale list in 2018，Including Tangla Hotel Beijing、Crowne Plaza Sanya、Suzhou Hotel and other projects，As for whether the sale is successful、What are the benefits，Hainan Airlines has not made it public。But the reporter found out when checking the audit report，The total assets of HNA Hotels have declined significantly。2017，The total assets of HNA Hotel are displayed as 424.700 million yuan，In 2018, this data was adjusted to 292.200 million yuan，Whether it is affected by the sale of assets，HNA Hotel did not provide specific details。

Qi Qi told reporters，Hotel assets have always been the focus of HNA’s sales，It and residential projects、Office 188bet Online Sports Betting and Casino building、Financial assets together form the main force of HNA’s sale。However, HNA’s hotel assets are widely distributed，Both the group and each listed company own more or less hotel assets，“Beijing Tangla Hotel’s losses are the industry consensus，HNA Hotel also handles this asset to ensure profitability。”

Also，Behind the sharp decline in profits，HNA Hotel’s bad debt losses also doubled。2017，The company’s bad debt loss is 1217.30,000 yuan;Same period in 2018，This data has increased to 2524.70,000 yuan。At the same time，HNA Hotel accrued goodwill impairment losses of 788 in 2018.90,000 yuan，The total asset impairment loss for the year reached 3513.60,000 yuan。

It’s worth noting，Although HNA Hotel’s revenue declined、Asset impairment losses rise，But in 2018，It is still from HNA Holdings (600221.SH) bought 35% of the equity of Beijing Yanjing Hotel Co., Ltd. (hereinafter referred to as "Yenjing Hotel")。At that time，The company stated in the announcement，The total amount of this transaction is 2.6.8 billion yuan，This transaction has also constituted a related transaction。

After the transaction is completed，Yenjing Hotel becomes a 100% shareholder of HNA Hotels。But from the perspective of the transaction object itself，As of July 31, 2018，The audited total assets of Yanjing Hotel are 27.6.3 billion yuan，Net worth is -2.7.3 billion yuan;Audited operating income is 6587.890,000 yuan，Net profit is -2297.630,000 yuan。Yanjing Hotel was also at a loss throughout 2017，Data display，As of December 31, 2017，The audited total assets of Yanjing Hotel are 28.7.1 billion yuan，Net worth is -2.5 billion yuan;Audited operating income is 1.3.6 billion yuan，Net profit is -3374.200,000 yuan。

As an important carrier of HNA’s “focus on aviation’s main business”, HNA Holdings，Publicly stated when divesting Yanjing Hotel，This transaction is conducive to the effective integration of HNA Holdings’ 188bet app download resources，Optimize the company’s asset structure，Further realizing “focus on main business” operation，In line with long-term development plan。In the opinion of industry insiders，The company did not explain HNA Hotels as the "takeover"，It is suspected that it is "blood transfusion" for the main aviation industry。

In fact，HNA’s related-party transactions in the air travel sector are not limited to Caesar Travel、Between HNA Holdings and HNA Hotel。The first two are listed companies，More diverse financing channels，Have been questioned many times as “capital injection” for the group。

Among them，HNA Holdings admitted in the 2018 internal control self-evaluation report，The company has large non-operating capital transactions with HNA Group，Major deficiencies in relevant internal controls。A series of operations disclosed by HNA Holdings in April 2019，Including the acquisition of Xinhua Airlines from Jiaxing Xingsheng12.18% minority interests，Acquisition of HNA Technology from HNA Group 60.78% equity and 100% equity of Tianyu Feixun，The purchase price is deducted from the borrowing principal 38.3.4 billion yuan，And HNA Group will return the remaining principal and interest by bank transfer，Attracting the attention of Shanghai Stock Exchange，And issue an "Inquiry Letter"，Ask them to explain whether there is an overvaluation of asset acquisitions。

Qiqi told reporters，On the one hand，The above transaction is the acquisition of related assets by HNA Holdings，Extension in business;On the other hand，The above measures will also play a role in injecting capital into HNA Group，Can further alleviate HNA Group’s financial pressure，Reduce the burden of blood transfusion。

But is the transfer of capital within the group conducive to "focusing on the main business"？Many people in the industry believe that，This is HNA’s approach to tide over the difficulties at this stage。The above-mentioned industry insiders told reporters，The problem of high debt is not solved，188bet sports betting app download Inverting the left hand to the right hand cannot solve the fundamental problem，It is still necessary to continuously adjust the business structure，Pay attention to reducing leverage。

*This articleSource: WeChat public account "Lan Jing” (ID: lanjingchanjing)，Author: Li Danyu，Original title: "Caesar Travel invests in HNA Hotel，HNA Group’s frequent related-party transactions make it difficult to solve the liquidity dilemma》.