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Hainan Airlines to take over control of HNA's four Chinese airlines
CHINA's conglomerate HNA Group is to gradually shift the ownership of its subsidiaries, Hong Kong Airlines, Tianjin Airlines, West Air and Capital Airlines to another subsidiary, Hainan Airlines.
This is intended to improve profitability and reduce internal competition among its units. Initially, Hainan Airlines will assume management of the four affected airlines.
In the second step, at an unspecified date, HNA will transfer its ownership stakes in the four carriers to Hainan Airlines.
HNA owns 25 per cent of Hong Kong Airlines' parent; 48 per cent of Tianjin Airlines; 60 per cent of West Air; and 50 per cent of Capital Airlines, reported Atlanta area Air Cargo World.
Hong Kong Airlines operates thirteen Airbus A320s, twelve A330 passenger aircraft and five A330-200 freighters. In addition, the carrier has six Boeing 777 freighters on order, through Hong Kong International Aviation.
This is intended to improve profitability and reduce internal competition among its units. Initially, Hainan Airlines will assume management of the four affected airlines.
In the second step, at an unspecified date, HNA will transfer its ownership stakes in the four carriers to Hainan Airlines.
HNA owns 25 per cent of Hong Kong Airlines' parent; 48 per cent of Tianjin Airlines; 60 per cent of West Air; and 50 per cent of Capital Airlines, reported Atlanta area Air Cargo World.
Hong Kong Airlines operates thirteen Airbus A320s, twelve A330 passenger aircraft and five A330-200 freighters. In addition, the carrier has six Boeing 777 freighters on order, through Hong Kong International Aviation.
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