Chinese company Nanshan Group has bought 19.98% of Virgin Australia from shareholder Air New Zealand. The acquisition comes just 10 days after another Chinese conglomerate, HNA Group, invested USD 159 million into Virgin Australia for a 13% stake.
Combined, it means Chinese interests will own 33% of Virgin Australia when the deals settle.
HNA Group, the largest private operator of airlines in China, has also entered into a commercial alliance with Virgin Australia, the main aim of which is the launch services between Australia and China. These will integrate with HNA's existing network and the agreement includes code-sharing, frequent flyer programs, lounge access and promotion.
Nanshan Group is also a privately owned conglomerate with aviation interests including Qindao Airlines, which was launched in April, 2014.
Read original article
