China’s Fuzhou Airlines is all set to begin its operations in the near future. The new airlines has been formed by a joint venture between the Fuzhou government and the HNA Group, which is the parent company of Hainan Airlines, along with other companies.
The HNA group has invested 1.2 billion yuan in the new airline’s operation. In terms of investment, a formal agreement was signed between HNA and the Fuzhou state owned Assets Investment Holdings Co. Ltd. Parent company Hainan Airlines, will be holding 60 percent of the new airline’s capital along with Assets Investment paying 400 million yuan for its share, which accounts for 20 percent.
A statement from the investor said that various proceedings have to be completed before the airline begins operations.