Grand China Air, a new carrier to consolidate four airline
companies on the Chinese mainland, will be inaugurated early next
year, the parent company, Hainan Airlines, said on Friday.
Preparations for the new company will be finalized before the
end of this year to consolidate operations of Hainan, Xinhua,
Chang'an and Shanxi, Hainan Airlines Co. Ltd. Chairman Chen Feng
told a group of reporters on the sideline of the 17th National
Congress of the Communist Party of China.
He said Hainan Airlines will introduce 20 to 30 aircraft to the
new company every year.
Meanwhile, Hainan Airlines also plans to enter into insurance in
an 800-million yuan (US$107 million) joint venture with Taiwan's
Shin Kong Life, with each party holding 50 percent of the shares,
Chen said.
He did not comment on a question about Hainan Airlines' overseas
listing plan. "You can just wait for the good news."
Hainan Airlines, based in Haikou, is China's fourth largest
carrier and the country's first Sino-foreign joint venture aviation
company.
Chen said his company is "on good terms" with its overseas
investors, including renowned international financier George
Soros.
(Xinhua News Agency October 19, 2007)
