In the space of just 12 months, Chinese airline-to-finance conglomerate HNA has morphed from a symbol of the ambition and wealth of China Inc into a cautionary tale of corporate indebtedness.
Its $146bn in global assets range from airports to trucking companies, shipping groups and stakes in Deutsche Bank and the Hilton hotel chain. But it is the company’s stretched finances, and questions over its
ultimate ownership, that have brought it to international attention in recent months. The case illustrates how a particularly Chinese mix of debt and politics can affect markets far from its shores.
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