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…

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