Hedge Funds Wager China’s HNA Will Look After Foreign Investors

Hedge funds have made quick profits on debt tied to HNA Group Co., even as the Chinese airlines-to-hotels conglomerate has scaled back internationally and fallen behind on other obligations.

The once-highflying HNA spent more than $40 billion in a debt-fueled deal spree that spanned stakes in Deutsche Bank AG and the Hilton hotel chain, plus investments in finance, travel and logistics. It has since reversed course and sold many assets, as Chinese authorities clamped down on foreign deal making and as its borrowing costs soared.

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