Grand China Logistics, an arm of Hainan Airlines Group, on Sep. 2 signed US$1.2 billion worth of shipping leasing agreement with China Development Bank in Shanghai, sources reported.

Tan Xiangdong, board director of HNA Group, said that CDB will purchase more than 20 bulk ships from Jinhai Heavy Industry controlled by Grand China Logistics for a total of US$1.2 billion, and then lease these ships to the logistics firm.

HNA Group is scheduled to launch a fund for shipping industry development by the end of this year, Tan added.

Grand China Logistics, which owns 12 cargo aircrafts and 70 ships, has more than RMB 4 billion worth of total assets and targets RMB 25 billion in operating revenue for 2010. 
 

 
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