Hainan Airlines Co Ltd<600221><900945>, China's largest non-state owned airline, on Dec.11 announced plans to spend a total of RMB 2.46 billion to acquire three property subsidiaries from parent firm HNA Group.
The equities include four pieces of undeveloped plots located in Dayingshan Area, Haikou, Hainan Province and have an area totaling 171.92 Mu.
On these sites, the airline service provider will build tourism-related properties, which are parts of HNA Group's plans to build Hainan Island as an International Tourism Island.
On Dec. 6, Hainan Airlines said it will invest RMB 1.5 billion in HNA Hainan International Tourism Island, the project company of the International Tourism Island project, to increase the registered capital to RMB 4.5 billion.
Upon the completion of the capital injection, Hainan Airlines and HNA Group will hold a 33% and 60% stake in the project firm, respectively.
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