Billions Disappear from Formerly Hot Conglomerate Under Beijing’s nose
Latest failure from China’s ‘go-out’ policy
By: Toh Han Shih
Billions of dollars have gone missing from the Hainan-based HNA Group, which splashed more than US$40 billion acquiring glamorous overseas assets including stakes in Hilton Worldwide Holdings and the deeply troubled Deutsche Bank, leaving the group laden with massive debts and contributing to its bankruptcy.
In the second quarter of 2019…