Hainan Airlines Group subsidiary Grand China Logistics signed a $1.2 billion yuan cooperation agreement with China Development Bank (CDB) Leasing on September 2 to cooperate on ship leasing services, reports China Business News.

Grand China Logistics is a global comprehensive logistics operator. It currently has 12 cargo aircrafts and 70 ships and is estimated to record 25 billion yuan in operating revenue in 2010.

CDB Leasing is the leasing business platform of CDB and engages in the aircraft, ship, passenger vehicle, railway equipment, infrastructure facilities and other equipment leasing businesses.

Shares of Hainan Airlines (600221) rose 0.9 percent to close at 5.63 yesterday. 

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