Hong Kong Airlines to transfer purchase right for two A350s to Hainan Airlines

    Hainan Airlines announced (11-Jun-2019) its wholly owned subsidiary Hainan Airlines (2016) Co Ltd, Hong Kong Airlines and Airbus signed a purchase right transfer agreement, under which Hong Kong Airlines will transfer the purchase rights of two A350-900 aircraft (MSN 360365, MSN 360371) to Hainan Airlines (2016) for free. Hainan Airlines (2016) also signed a foreign exchange loan contract with China Development Bank’s Hainan branch company for the rights and obligations of the aircraft in order to reduce the financial pressure from the purchase of the aircraft. In order to guarantee the performance of the loan contract, HNA Group will provide the guarantee of USD509 million and Hainan Airlines Group will provide a counter guarantee of USD509 million.