HNA Group is one of the most fascinating growth stories in Chinese aviation, tourism and related sectors. Having aggressively expanded its asset base (integrating horizontally and vertically) over the past decade, HNA has extremely diversified revenue streams, geographic spread and exposure to many fast-growing sectors of the powerhouse Chinese economy. It is now a large multi-industry conglomerate company with a total asset base of approximately USD25 billion. But is also one of the more opaque aviation operators in China, with highly complex ownership and risk-sharing structures. A growing property bubble in its hometown of Hainan and moves by Beijing to limit credit growth amid a surge in economic activity across the Chinese economy could however slow the ambitions of groups like HNA.