The making of a Chinese giant: HNA Group

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The Wall St Journal has tried to shine a spotlight on the murky – but massive – HNA Group. The Chinese conglomerate is big in cargo (among other things), with stakes in many entities, including airports, cargo airlines and Swissport. Its logistics and transport businesses bring in $15bn, while the group holds assets worth $178bn. Its spending spree has slowed, however, although the company said it would not stop altogether, despite the Chinese government’s plan to stop too much money leaving the country.  Here the WSJ looks at HNA’s ownership structure and what the sprawling group actually does. But much of the detail remains hidden behind offshore corporate entities as well as charities.