Hainan Airlines sells property assets for RMB 190 mln

Jul. 21, 2009 (China Knowledge) - Hainan Airlines Co Ltd<600221><900945> today announced that it will sell parts of a property project for RMB 69.51 million to the HNA Beach & Spa Resort and will sell properties in Sanya Aviation & Tourism College for RMB 125.02 million to HNA Group, sources reported.

The mainland-listed company intends to sell a 564-square-meter villa and a 6,876-sq m mixed-use building located on West Binhai Road, Haikou City, Hainan Province, which went into operation in February 2002. It will also sell a nearby piece of undeveloped land covering an area of 26,668 sq m.

The properties in Sanya Aviation & Tourism College, located on Phoenix Road, Sanya City, Hainan Province, principally consist of a three-story, 4,682-sq m apartment building and three training and teaching buildings having a total floor area of 18,135 sq m.

Reportedly, a investment firm in Hainan had sold a total of 79.53 million shares in Hainan Airlines as of Jul. 10, 2009, accounting for 2.25% of the firm's total shares. After the share cut, the investment firm still holds 56.91 million shares of the airline company, or 1.61% of the total.