Chinese airlines eye expansion and US allows more flights in
A little air update from China. Suparna Airlines, formerly Yangtze River Airlines, is to retire ...
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By Alex Lennane
Airlines affiliated with Chinese conglomerate HNA Group, owner of Swissport and multiple aviation and logistics businesses, are delaying aircraft lease payments as a result of liquidity issues at the group, reports Reuters. Payments have been delayed for more than two months in some cases, according to lessors.
HNA, which has been linked to numerous acquisition targets, after its $50bn spending spree over the past two years, is majority owner of Frankfurt Hahn, cargo airline Suparna, (formerly Yangstze River Express) and Singapore logistics company CWT – among many others. It has scaled back plans since last June, when the Chinese government told banks to review their exposure to the group. It was reported in September that Swissport had been providing short-term loans to sister companies in the group, raising investor concerns. Its flagship airline, Hainan Airlines, suspended share trading on January 10, pending an announcement.
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