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HNA Group to get 500m yuan capital injection

By Tu Lei (chinadaily.com.cn)
Updated: 2008-12-23 11:47

Tianjin Port Free Trade Zone will inject 500 million yuan ($72.99 million) into two subsidiaries of HNA Group, China's fourth largest airline group.

The two sides will sign an agreement on Dec 23 in Tianjin.

Grand China Express, the country's largest regional airline, will receive 200 million yuan while Bohai Leasing Co will get 300 million yuan.

The cash insertion came after China Southern Airlines and China Eastern Airlines, two State-owned airline groups, received a 3-billion-yuan injection from the government earlier this month.