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Media: Hainan Airlines to triple its fleet over next five years

The airline’s goal is to become the best in the world in terms of safety, service, and profit

HAIKOU /China/, Dec. 11. /TASS/. Hainan Airlines should triple its fleet in the next five years and become one of the world's best air carriers in 30 years after being bought by Fangda Group Industrial Company Ltd, Yicai Global quoted Fang Wei, Chairman of the Board of Directors of Fangda, as saying.

According to the set task, the airline must become the best in the world in terms of safety, service, and profit. By 2026, its fleet will increase from the current 300 to 1,000 aircraft. So far, the company is China’s fourth-largest carrier while the first place is taken by China Southern Airlines with 874 aircraft. The new owner of Hainan Airlines’ controlling stake also promised not to cut staff and salaries.

Fangda Group Industrial Company Ltd managed to make large profits by purchasing companies on the brink of bankruptcy below market price just like it did with Hainan Airlines. Fangda became the airline’s strategic investor and recently bought its controlling stake for 38 billion yuan (about $6 billion).

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