SYDNEY: Virgin Australia said China’s HNA Aviation will buy a major stake, giving a vital cash injection and greater access to the surging Chinese tourism market just as top shareholder Air New Zealand plans to sell out.
The proposed deal will see HNA Aviation, the largest private operator of airlines in China, invest A$159mil (RM475mil) through an equity placement, giving it a 13% stake with plans to go up to 19.99%.
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