In 2017, the HNA Group went on a global shopping spree and bought a stake in Deutsche Bank. Now it is heading toward bankruptcy.
HNA Group co-chairman Chen Feng in 2015. Credit: World Travel & Tourism Council, Creative Commons
One of China’s biggest corporate failures is at hand.
The HNA Group, the massive airlines-to-hotels conglomerate that between 2015 and 2017 went on a global shopping spree, spending tens of billions of dollars to acquire stakes in the Hilton Hotels, Deutsche Bank and other overseas properties, is heading towards bankruptcy reorganization.
The company, whose assets had already been seized by the state, said Friday that it would cooperate with a court in Hainan Province, where it is
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