The South Korean company plans to buy a 20% stake in Grand China Express Airlines, in an effort to tap into the China aviation industry.
Grand China Express Airlines is a joint venture of Hainan Airlines and its subsidiary Hainan Airlines. It has:
* Has a registered capital of RMB600 million.
* Is headquartered in Tianjin Binhai International Airport with operational bases in Tianjin and Xi’an.
* Is the country’s largest regional air carrier.
* Plans to introduce 50 EMbraer ERJ145 and 50 Embraer EMB190 aircraft in the coming five years.
Hyundai is interested in China’s air transportation industry because it is confident in the country’s economy and regional aviation.
Source: Trading Markets