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The Rise and Fall of HNA Group and Deer Jet: A Business Aviation Story

Ted Farid, JetHQ
January 6, 2026
HNA Group and Deer Jet: A Business Aviation Story

A remarkable journey that ended in the dissolution of one of China's most ambitious conglomerates.

In 1994, while serving at Learjet, I received a visit from Mr. Chen Feng in my office. A former Civil Aviation Administration of China (CAAC) official, Mr. Feng presented his strategic vision to establish a business aircraft charter operation serving Western oil companies and other enterprises entering the Chinese market. Notably, his business plan featured photographs of Cessna Citations, though he preferred the Learjet 60. Given our substantial backlog at the time, immediate delivery was impossible. I suggested he launch operations with a pre-owned Learjet 55 while awaiting delivery of a new Learjet 60. This meeting marked the beginning of a professional relationship that would span two decades.

Mr. Chen Feng, serving as Chairman, partnered with Wang Jian as President and Adam "Xiangdong" Tan as Executive Vice President to establish Deer Jet. In 1995, the company commenced charter operations with the Learjet 55, serving their initial client, ESSO Oil Company. The Learjet 60 entered service the following year, with Henry Kissinger among its first passengers. The operation expanded rapidly, transporting world leaders and executives from major corporations, including General Motors and Toyota, throughout China.

Concurrently with Deer Jet's development, and with backing from the Hainan Provincial Government and financier George Soros, Mr. Chen and his partners founded Hainan Airlines, which eventually became China's fourth-largest carrier. In 2000, they consolidated these ventures under HNA Group, establishing it as a holding company.

Building the Relationship

I joined Raytheon Aircraft Company in 1996 and met Jason Liao, whose office was adjacent to mine. Jason, a Chinese American executive, was soon transferred to China as Sales Director, establishing Raytheon's Beijing office. That same year, Raytheon delivered a Beechjet to Deer Jet, which failed to meet their operational requirements. Working alongside Jason and Ting Lieu, Chairman and President of Asia Link Group (Raytheon's China representative), we introduced Deer Jet to the Hawker 800XP. This ultimately resulted in the delivery of five aircraft for their expanding charter operations.

Deer Jet's business grew exponentially. In 2001, they extended operations to include international charter services, creating demand for larger-cabin, long-range aircraft. We proposed the Hawker 4000 and successfully secured an order for six aircraft.

 

A Pivotal Journey

In July 2003, Chairman Chen, along with Wang Jian and Adam Tan, visited Raytheon. We arranged their pickup in Seattle; Chen and Wang maintained residences on Mercer Island, while Tan lived in New Jersey. We flew them to Wichita for Hawker 4000 briefings, then continued to Little Rock, and concluded in the Cayman Islands, where HNA Group maintained its registration and conducted business. This extended trip provided valuable one-on-one time. Chen and Tan, both avid golfers, joined me for a round. I learned that all three held dual Chinese and United States citizenship, and that Chen, a practicing Buddhist, quietly prayed before each flight. We completed the journey by flying them to New York.

The Gulfstream Transition

The Hawker 4000 program encountered significant certification delays, causing delivery schedules to slip repeatedly. Deer Jet approached me seeking an interim solution for their charter operations. I successfully arranged for GE Capital to lease them a Gulfstream G III. Following this exposure to Gulfstream products, Deer Jet began transitioning to Gulfstream aircraft for their super-midsize and larger-cabin, long-range requirements starting in 2004. They ultimately cancelled the Hawker 4000 order due to the inability to meet contractual commitments.

Deer Jet evolved into the business aviation division of HNA Group and became Asia's largest business jet services provider. Beyond the Hawker 800XPs, their fleet of 57 business jets encompassed the complete range of Gulfstream models, Falcon 7Xs, Boeing Business Jets (BBJs), and Airbus Corporate Jets (ACJs).

My involvement with Deer Jet continued through 2014, when I retired from Hawker Beechcraft.

The Unraveling

HNA Group pursued an aggressive acquisition strategy, investing heavily in airlines, logistics, retail, property, hotels, and financial services. Their portfolio included 25% stakes in Deutsche Bank and Hilton Hotels. In 2017, Chen Feng appeared on the Forbes billionaires list with an estimated net worth of $1.69 billion.

In July 2018, Wang Jian died in an accident while vacationing with his family in France. Amid growing concerns regarding HNA Group's extensive international investments and mounting debt obligations, Chinese authorities detained and arrested Chen Feng and Adam Tan in September 2021. By December 2021, HNA Group filed for bankruptcy and was subsequently acquired by Liaoning Fangda Group.

A remarkable journey that ended in the dissolution of one of China's most ambitious conglomerates.

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