Carrier to Purchase Stake in Virgin Australia

HNA Hainan Airlines 787-8 Artwork K65931 (Photo: Hainan Airlines)

Chen Feng, the owner of Hainan Airlines Co., has agreed to pay $114 million for 13 percent of Virgin Australia, and according to reports, he ultimately plans to raise that stake to 20 percent. “This will change the dynamics,” said Virgin Australia CEO John Borghetti of the deal Tuesday. “The way that China is growing, direct services in and out of China are very important.”

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[Photo: Hainan Airlines]