High-flying HNA gets wings clipped amid crackdown on foreign deals
Conglomerate's long-term strategy of debt-fuelled growth is fraying, compounding its problems
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Beijing
HNA Group, the high-flying Chinese conglomerate caught in the cross-sights of Beijing, has hit turbulence as deals stall and scrutiny of its finances and shareholding structure intensifies.
Beijing's clampdown on highly-leveraged foreign investment has led to more regulatory scrutiny around the world, putting the brakes on a remarkable period of growth that saw HNA announce US$50 billion of acquisitions in just over two years.
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