HNA and debt in China

CHINA ADVISORY - Report 03 Feb 2021 by Andrew Collier

One of China’s largest conglomerates, HNA, has been under a cloud for several years, and has officially been put in bankruptcy reorganization under the Chinese courts. Several senior former executives have been accused of corruption for stealing as much as US$10 billion from HNA company units. This case is a halfway measure between the privatization of debt workouts and the support of key state macroeconomic goals. The Chinese state is increasingly using the courts to adjudicate debt workouts due to limited state capacity to control defaults, while still supporting state priorities, including financial stability and preservation of state assets. These trends have important ramifications for the future of the Chinese economy as it struggles with declining growth.

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