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October 23, 2009

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Home » Business » Transport

Airlines tie up in cargo to build regional network

HNA Group and Malaysia Airlines yesterday agreed to team up in the cargo business to develop a network in Shanghai, Hong Kong and Kuala Lumpur.

The two partners will cooperate via charters and codeshare flights to increase efficiency and reduce costs to battle rising fuel prices, and they are also likely to jointly build a cargo station in Shanghai Pudong International Airport, according to an agreement they signed yesterday.

"Malaysia and Indonesia are rising markets that Chinese entrepreneurs will explore in the future, so we are looking for opportunities in the two markets," said Tan Xiangdong, board director of HNA, the country's fourth-largest aviation group.

Tan said HNA, parent of Hainan Airlines, will launch passenger flights to Indonesia next year and start talks with Indonesian airlines about cooperation. HNA is also eying opportunities in the Shanghai market to integrate logistics and financial services.

The group plans to form a ship leasing company in Shanghai by the end of this year and launch a 5 billion yuan (US$732 million) industry investment fund next year, Tan said.

HNA Group aims to create a comprehensive group to deal in three key areas - airlines, logistics and financial services. It now owns 13 airlines, 11 airports, 51 hotels, 5 shipping firms, 13 finance firms and two business groups.


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