A group of Chinese conglomerates went on global buying spree starting about a decade ago, netting such trophy assets as the fabled Waldorf Astoria hotel in New York, a major stake in Hilton Worldwide (HLT.US) and French resort operator Club Med, among many others. Fast forward to the present, when nearly all of those buyers, most notably former highflyers Anbang and HNA Group are now largely insolvent or don’t even exist anymore, the victims of taking on too much debt.
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