Chinese investment could/can sort all this mess out with growth returning like before.........hold my beer.
The problem is that the PRC government will only look after interests on the mainland. HKA is a subsidiary like many other businesses within the Hainan group. This airline was created to circumvent state controls on aircraft purchases for Hainan. It served its purpose well, with aircraft being purchased and moved on to Hainan as 'secondhand'.
The PRC clamped down on Hainan for the massive capital outflows they were creating with their acquisitions. HKA is a foreign airline, it is financed through HK which will mean its treated no different to the multitude of foreign investments that Hainan have made.
The only positive this may have is that Temasek may wait till the airline is on its knees and come along with a large stake. However. it will be subject to the requirements of airline ownership which saw the demise of Jetstar HK.
Don't bank on the mainland to bail out a subsidiary, it will only focus on the parent and the consequences of its failure.