Hainan-based HNA Group to invest in Turkish ACT Airlines

HNA Group Co., controlled by China's Hainan provincial government, said it will invest in a Turkish cargo airline as it seeks to expand in Europe.

The investment in ACT Airlines Inc. will help the Istanbul- based carrier more than double its fleet to 10 freighters within two years, HNA said in an e-mailed statement today, without disclosing financial details.

The Chinese company plans to invest as much as $250 million in Turkey, Xinhua News Agency reported today without citing anyone. HNA Group spokesman Tong Fu didn't answer four calls to his mobile phone seeking comment. Calls made to ACT Airline's public relations office in Instanbul weren't answered.

HNA, which runs airlines, airports, hotels and department stores, said July 18 that it may bid for Essen, Germany-based Hochtief AG's airport-operating unit. Acquisition of the business will give the buyer control of main airports serving Hamburg, Sydney, Budapest and Athens.