HNA Group

Chairman Chen Feng and CEO Tan Xiangdong were detained by police in the southern province of Hainan over suspected crimes, the company said in a statement late Friday, without providing details

HNA Group built an empire on debt that once spread from Deutsche Bank to Hilton Worldwide

HNA has sold more than $17 billion in assets this year

Scaramucci, the former White House communications director, will focus on strategic planning and marketing for the fund, while the senior management and investment team will remain intact

HNA is facing mounting financial pressure after the group spent tens of billions dollars on a debt-fuelled acquisition spree

HNA ranked 353rd in 2016 Fortune Global list of the world's biggest 500 companie

Chinese aviation and shipping conglomerate HNA Group said on Monday it would buy about 25 per cent of hotel operator and manager Hilton Worldwide Holdings from biggest shareholder Blackstone Group for $6.5 billion.Shares of Hilton, whose brands include Conrad Hotels & Resorts, Curio and Double Tree as well as Hilton, rose as much as 3.71 per cent to $23.76 in early trading. HNA Group will buy the stake for $26.25 per share, representing a premium of 14.6 per cent to Hilton's closing price on Friday and valuing the hotel company at about $26 billion. Blackstone took Hilton private in 2007 for $26.7 billion, including debt.

However, the companies did not disclose the purchase price