HNA Group to continue investing overseas in 2012
China's HNA Group, the parent of Hainan Airlines says it will continue investing overseas next year where it sees opportunities.
The comment came as the group completed its acquisition of the world's number five container lessor, GE SeaCo, from General Electric Company for $1.05 billion on Tuesday.
China's fourth largest aviation company has grand plans to go international.
Despite sluggish growth in developed countries and the depressed shipping market, HNA says demand is growing for high value-added containers such as reefer and tank containers.
Adam Tan, Board Director, HNA Group, said: "We still believe that logistics business, the shipping business, the container business will come back. And especially talking about GE SeaCo, the container leasing company, they fulfil the projection and, by end of this year, reach the projection of more than US$140 million profit."
GE SeaCo is keeping its current CEO David Amble and will operate as a core business within HNA's existing logistics and finance operations.
And the group is also seeking to grow its other businesses.
While focusing on logistics, transportation and tourism, the company has also branched out into property, supermarkets, and financial services, with stakes in a bank, a brokerage and insurance companies.
And the company says its plan for the next five years is to have 40 percent of its total assets outside of China.
whatsonsanya.com does not necessarily endorse their views or the accuracy of their content. For copyright infringement issues please contact firstname.lastname@example.org