The Hainan-based closely held HNA Group, which started as a local airline operator is now becoming one of the world's biggest conglomerates with interests in hotels, tourism, logistics, real estate and finance. Its total assets, at around US$ 146 billion in 2016, grew more than four times since 2010, Some of HNA’s most high- profile outbound acquisitions have been U.S.-based companies—a US$ 6.5 billion purchase of a 25% stake in Hilton Worldwide Holdings Inc., a US$ 6 billion deal to buy technology distributor Ingram Micro Inc. and a US 4 billion purchase of CIT Group ’s leasing business. The HNA Group and its subsidiaries hold around US$ 9.7 billion in bonds, putting it among China’s top 30 most indebted companies, according to Dealogic.
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