Monday, October 2, 2017
New York Charity With Large Stake in China’s HNA Group Rethinks Tax Status
Chinese conglomerate HNA Group Co. is rethinking whether to seek tax-exempt status for a New York foundation that the company said would become its biggest shareholder, raising questions about its plans for the charity.
The Hainan Cihang Charity Foundation, which HNA this summer said would own nearly 30% of its shares, “has not yet determined whether or not it will file an application for tax-exempt status under any potentially applicable provision of the U.S. Internal Revenue Code,” according to a registration filing with the New York Attorney General’s Charities Bureau, which oversees charities in the state.