- September 25, 2021
- Posted by: Stratford Team
- Category: Business
BEIJING — China has kicked up its campaign to tame its free-spending, debt-laden companies, as the authorities punished the corporate chiefs of two troubled companies while letting a troubled property giant continue to struggle under the weight of more than $300 billion in debt.
The authorities in China have taken into custody the top two executives of HNA Group, a transportation and logistics conglomerate that bought up businesses around the world before quickly collapsing under heavy debts. The company said late on Friday that the police on Hainan Province, where it is based, had seized its chairman, Chen Feng, and chief executive, Tan Xiangdong.
Both men were detained “in accordance with the law for suspected crimes,” the company said in a statement, without specifying those offenses. HNA did not immediately respond to requests for comment.
Mr. Tan appears to be a U.S. citizen, according to personal information about him that the company provided…