Concerns over share pledging, high levels of debt and a complicated holding structure led regulators to block HNA Group's acquisition of New Zealand's UDC Finance for NZ$660m ($462m).
New Zealand’s Overseas Investment Office stopped the deal in December but issued notes on the decision this week. HNA's use of share pledging and its high leverage were factors in blocking the deal.
"Our concerns about the extensive and undisclosed use of share pledges are heightened because the HNA Group and associated companies reportedly carry heavy levels of debt," the office said.
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