Chinese Billionaire Put On Budget, Banned From Spending Due To Unpaid Debts



Chen Feng is a Chinese billionaire with all the trappings of a luxurious lifestyle. Private jets (or at least first-class tickets), epic vacations, and bare no expense weekends on the golf course are regular occurrences in his life. Until now. Feng is the founder of the HNA Group. He’s been barred from making big purchases by a court in China after his company did not pay money it owed in two legal settlements. The billionaire has been put on a budget by the Chinese government. Sounds harsh, right?  It’s a regular remedy China uses to enforce the payment of debts and to discourage irresponsible borrowing. The Chinese government even has an online database of people who’ve defaulted on loans and debt that anyone can search. It’s sort of like the modern-day equivalent of a debtor’s prison.

Feng was born in the Shanxi province in June 1953. He grew up in Beijing. His parents were Communist Party officials. He studied at the Lufthansa College of Air Transportation and Management in Germany and later worked for the Aviation Business Assistant to the Provincial Governor in Hainan province. He received his MBA from the Maastricht School of Management in the Netherlands in 1995.

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