HONG KONG -- At least three of Hainan-based HNA Group's outbound deals are in limbo as banks turn cautious against the acquisitive company that has failed to demystify its shareholding structure and financial standing.
The listing of its real estate investment trust, HNA Commercial REIT, on the Singapore Exchange was derailed after Bank of America Merrill Lynch withdrew from its role as adviser. HNA Group has come under intense scrutiny due to its opaque shareholding structure and worries over its risk exposure.
