(Yicai Global) April 15 -- China's cash-strapped HNA Group saw its bond price slide on the Shanghai Stock Exchange in the morning, prompting the bourse to suspend its trading twice, in a price dive due to HNA Group yesterday unexpectedly asking creditors of one of its five-year bonds maturing today to allow it to defer payment for one year, which aroused panic over the possibility of a default.

The Group's seven-year bond issued in November 2015 was priced at CNY27.01 (USD3. 85), down 31.08 percent at the time of the second suspension. It was down 23 percent at the first.

The maturing debt was issued in 2013 at a scale of CNY1.15 billion (USD160 million) at face interest of 7.1 percent, HNA Group plans to use the funds raised to buy five aircraft for its airline units.

Editor: Ben Armour