• Questions continue to mount about the ownership and corporate structure of the HNA Group, a $100 billion conglomerate that has substantial backing from China’s state banks and has spent more than $30 billion acquiring stakes in global companies like Hilton Hotels and Deutsche Bank.

One of our best reporters on financial dealings in China took a deep dive into the subject, and found an undisclosed, close relationship between HNA and a New York-based company, the Pacific American Corporation, that helps explain how the company runs its global operations and offers clues about who ultimately controls it.

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