The rate at which HNA Group is downsizing its overseas empire has sped up since the death of its co-chairman Jian Wang in July. Subsidiaries of the private Chinese conglomerate have even started to sell recently acquired overseas assets to a bid to avoid insolvency. And the sale of more of its assets continues as senior executives continue to leave.
One recent sale highlights HNA’s desperation. On November 19, BrightSphere Investment Group, an asset management firm listed on the New York Stock Exchange, announced that Paulson Co., a hedge fund controlled by US investor John Paulson, had agreed to buy HNA's 24.95%...
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