Hainan Airlines assets may be sold coronavirus

The government of the southern Chinese province of Hainan is
in talks to seize control of HNA Group and sell off the assets of its Hainan
Airlines Group, according to the South China Morning Post. 

The newspaper sourced the report to “people familiar with
the plans.”

The takeover would be the first substantial restructuring of
the Chinese airline industry since the onset of the Covid-19 coronavirus. 

Hainan Airlines Group owns 11 Chinese airlines, led by
flagship carrier Hainan Airlines. According to the Morning Post, the government
would sell the bulk of Hainan’s assets to China’s big three state-owned
airlines: Air China, China Eastern and China Southern. 

Spokespeople for the HNA Group and Hainan Airlines Group
didn’t immediately respond to a request for comment Friday.   

Hainan Airlines served seven U.S. cities prior to the
Covid-19 outbreak.

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