The loss of office space is indicative of HNA’s downfall
The debt-laden Chinese conglomerate is surrendering eight floors of office space in Hong Kong’s business district that it never occupied, according to Bloomberg. After spending more than $50 billion on acquisitions in the past few years, HNA has sold $17 billion of assets this year alone.
Political Backdrop: President Xi Jinping is reasserting the government’s control over the economy. As he prioritizes reining in China’s overheated financial sector, he has tightened his grip on the struggling HNA
Worth noting the obvious: All businesses in China are ultimately subordinate to the Chinese Communist Party and ‘President for Life’ Xi Jinping.