Gray Rhinos,’ Choking on Debt, Prompt Beijing to Tighten Reins.

The article reports that the Chinese regulators have become increasingly concerned that some of the biggest conglomerates have borrowed so much that they could pose risks to the financial system. Founded as a regional airline, HNA evolved into a powerhouse, with stakes in Hilton Hotels, Deutsche Bank and the airport ground services company Swissport. The government started taking a closer look at the most prolific deal makers.