HNA Group to be responsible for operational management of proposed Fuzhou Airlines

HNA Group reportedly stated it will be the holding company responsible for the operational management for its proposed JV with Fuzhou City Government, as per reports by Yicai and Beijing Business Today. As previously reported by Nhaidu.com, HNA Group and Fuzhou City Government signed a strategic cooperation framework agreement on 17-Aug-2012 to jointly establish Fuzhou Airlines. Also under the agreement, the local government and HNA will strive to establish a comprehensive strategic partnership on the following eight areas: airline, airport industrial park, industrial funds, financial leasing, financial institutions, tourism culture, urban construction and industrial development, and a headquarters establishment. Both parties will cooperate to initiate the establishment of an industrial fund to invest in Fuzhou Airport among other infrastructures. China Southern Airlines subsidiary Xiamen Airlines, which also has an operating base in Fuzhou, currently has approximately 50% market share at Fuzhou Airport.