HNA Group to raise USD1.5bn in Grand China Air listing
HNA Group reportedly stated it plans to raise CNY10 billion (USD1.5 billion) in private placement for its Grand China Air’s listing in Hong Kong (Economy and National Weekly/Capital Vue, 05-Jan-2011). The carrier is reportedly about to commence an appraisal of its regional airline companies’ assets and plans to bundle some of its real estate business with Grand China Air. The Hong Kong listing plan starts with the integration of its airline assets, followed by financing of the issuance via private placement. Two regional airline companies, West China and Tianjin Airlines, reportedly have a current appraised value of CNY5 billion, which will be injected into Grand China Air.