Chinese Group Buys 20% Of Virgin Australia

Chinese conglomerate Nanshan Group has bought a 20 per cent stake in Virgin Australia from Air New Zealand for around AU$262m ($170m).

Chinese conglomerate Nanshan Group has bought a 20 per cent stake in Virgin Australia from Air New Zealand for around AU$262m ($170m).

The deal, confirmed on Friday (June 10), is part of Nanshan’s strategy to further grow its aviation interests following its launch of Chinese domestic carrier Qingdao Airlines in 2014.

Nanshan becomes the latest stakeholder in the Virgin Australia, joining fellow Chinese group HNA which purchased a 13 per cent share in May for AU$159m ($118m), and carriers Etihad and Singapore Airlines.

Air New Zealand chairman Tony Carter said offloading its stake in Virgin Australia will allow it to focus on other growth opportunities.

TAGS: Asia Pacific
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