Hainan Airlines (600221) plans to transfer stakes in several property developers for 4.6 billion yuan to related parties in order to minimize operating and investment risks, reports yicai.com, citing a company filing.
The company intends to sell a 33.33 percent stake in Hainan Airlines International Tourism Island Development and Construction Group for 1.6 billion yuan, and the entire equities of Hainan Hangpeng Industrial, Hainan Guoxu Industrial and Hainan Guoshan Industrial for a total of 2.73 billion yuan to Grand China Air, its controlling shareholder.
In addition, Hainan Airlines will transfer a 100 percent stake in Qionghai Nanjue Hainan Airline Investment Development to Hainan Airlines Real Estate Holding Group for 156 million yuan.
Xian Hainan Airline Real Property will acquire a plot of land in Shanxi province covering an area of 290,000 square meters from a wholly-controlled subsidiary of Hainan Airlines for 92 million yuan.
SOURCE: capitalvue.com
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