Chinese conglomerate HNA Group has agreed to sell an office building in Sydney, Australia to The Blackstone Group for around $161 million, per Reuters.
Why it matters: Because the once-acquisitive HNA is being forced to shrink in response to both its over-leveraged balance sheet and global regulatory scrutiny.
"For a company regularly in the news, HNA remains shrouded in mystery. American government officials are seeking more information about the conglomerate’s ownership, the Chinese government has been asking questions and the European Central Bank is considering a review of its own."
