Airlines to launch equity fund
By Winny Wang |
October 1, 2010, Friday
|
Print Edition
Print Edition
HAINAN Airlines Co plans to launch China's first private-equity fund investing in the aircraft leasing industry with a target size of 5 billion yuan (US$757 million).
Hainan Air will invest in the fund with Tianjin Yanshan Investment Management Co, aiming at an annualized investment return of at least 10 percent, the country's fourth-largest carrier told Shanghai Stock Exchange yesterday.
The fund, based in Tianjin Free Trade Port Zone, will invest in the aircraft and aviation material leasing industry and mergers of aircraft leasing assets.
The carrier will invest 500 million yuan in the fund and Yanshan will invest 3 million yuan.
"The investment will help improve the carrier's revenue structure and diversify income sources, as well as widen options of introducing aircraft for the company," Hainan Air said.
The plan is the latest expansion move by HNA Group, parent of Hainan Air, which aims to create a comprehensive group to deal in three key businesses - airlines, logistics and financial services. It now owns 12 airlines, 11 airports, 51 hotels, five shipping companies, 13 finance firms and two business groups.
HNA set up its own shipping leasing company in Shanghai with registered capital of 1.7 billion yuan and is preparing to set up a shipping industry fund by the end of this year, Tan Xiangdong, a board director, said earlier.
Hainan Air will invest in the fund with Tianjin Yanshan Investment Management Co, aiming at an annualized investment return of at least 10 percent, the country's fourth-largest carrier told Shanghai Stock Exchange yesterday.
The fund, based in Tianjin Free Trade Port Zone, will invest in the aircraft and aviation material leasing industry and mergers of aircraft leasing assets.
The carrier will invest 500 million yuan in the fund and Yanshan will invest 3 million yuan.
"The investment will help improve the carrier's revenue structure and diversify income sources, as well as widen options of introducing aircraft for the company," Hainan Air said.
The plan is the latest expansion move by HNA Group, parent of Hainan Air, which aims to create a comprehensive group to deal in three key businesses - airlines, logistics and financial services. It now owns 12 airlines, 11 airports, 51 hotels, five shipping companies, 13 finance firms and two business groups.
HNA set up its own shipping leasing company in Shanghai with registered capital of 1.7 billion yuan and is preparing to set up a shipping industry fund by the end of this year, Tan Xiangdong, a board director, said earlier.
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