Chinese conglomerate and Hainan Airlines parent
HNA Group has agreed to acquire a 13 percent stake in Virgin Australia Group
for $A159 (US$114.9 million). Pending regulatory approval, the alliance will begin
direct flights between Australia and China and cooperate with codesharing,
frequent-flyer programs and other benefits. HNA also will nominate a director
to Virgin Australia's board. In April, HNA also agreed
to acquire Carlson Hotels.