June 12, 2019 superfreak8

Hong Kong Airlines to transfer rights for two A350s to Hainan

Hong Kong Airlines (HKA) will transfer purchase rights of two Airbus A350-900s to sister company Hainan Airlines for free, as the latter moves to ramp up capacity and growth.

Hainan says in a Shanghai Stock Exchange disclosure that the two aircraft in concern, which HKA has on order with Airbus, have serial numbers 360365 and 360371.

Hainan, HKA and Airbus signed the purchase right transfer agreement, the disclosure states. As part of the deal, the HNA Group, which owns both carriers, will provide a guarantee of $509 million, and the Hainan Airlines Group will provide a counter-guarantee of $509 million.

Cirium’s Fleets Analyzer shows that HKA has 10 A350-900s on order. It has another six in service, and three more in storage. Meanwhile, Hainan has four A350-900s in service, and another two on order.

In the disclosure, Hainan says the transfer of the purchase rights for free was done according to its business and fleet plans.

Hainan will also borrow $234 million from China Development Bank to help with the purchase.

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