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China Eastern Air Announces Plan to Create Hainan-Based Carrier

Bloomberg logoBloomberg 6/14/2020 Gregor Stuart Hunter
a person standing in front of a building: A passenger wearing a protective mask walks past China Eastern Airlines Corp. aircraft standing on the tarmac at the Wuhan Tianhe International Airport in Wuhan, China, on Saturday, May 2, 2020. The big three state-run Chinese airlines reported a slump in earnings in the first quarter as the coronavirus upended travel demand, but there are signs the worst of the crisis is over for them. © Bloomberg A passenger wearing a protective mask walks past China Eastern Airlines Corp. aircraft standing on the tarmac at the Wuhan Tianhe International Airport in Wuhan, China, on Saturday, May 2, 2020. The big three state-run Chinese airlines reported a slump in earnings in the first quarter as the coronavirus upended travel demand, but there are signs the worst of the crisis is over for them.

(Bloomberg) --

China Eastern Airlines intends to establish a new airline in Hainan along with a group of other investors to take advantage of planned free-trade area and tourism growth, it says in a filing to the Hong Kong stock exchange.

Shanghai-based carrier would be the majority shareholder in Sanya International AirlinesOther backers include the governments of Hainan province and Sanya city, Juneyao Airlines and a unit of Trip.comInitial registered capital will be 3-6 billion yuanFiling makes no mention of HNA, the indebted conglomerate and owner of Haikou-based Hainan AirlinesChina’s government began a person standing in front of a building: A passenger wearing a protective mask walks past China Eastern Airlines Corp. aircraft standing on the tarmac at the Wuhan Tianhe International Airport in Wuhan, China, on Saturday, May 2, 2020. The big three state-run Chinese airlines reported a slump in earnings in the first quarter as the coronavirus upended travel demand, but there are signs the worst of the crisis is over for them. © Bloomberg A passenger wearing a protective mask walks past China Eastern Airlines Corp. aircraft standing on the tarmac at the Wuhan Tianhe International Airport in Wuhan, China, on Saturday, May 2, 2020. The big three state-run Chinese airlines reported a slump in earnings in the first quarter as the coronavirus upended travel demand, but there are signs the worst of the crisis is over for them. taking control of HNA in MarchChina Eastern is state-controlled

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