Hainan Airlines gets government funding
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Hainan Airlines’ parent company and affiliates have secured CNY590 million (US$86 million) in funds from the Chinese government to buy planes and develop aircraft leasing, Bloomberg reported.
The government of Tianjin agreed to inject CNY300 million into Bohai Leasing Co. and CNY200 million into HNA Grand China Express, Bloomberg reported an HNA Group statement as confirming. The Ministry of Finance has also given HNA Group 90 million to support the purchase of 10 Embraer ERJ145 aircraft.
Embraer has a venture that makes ERJ145 planes in Harbin, China. HNA Group controls Hainan Airlines through Grand China Air, the report added.
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