Airport set for Far East investment

One of the Far East’s biggest aviation firms is set to invest in governmentowned Prestwick Airport.

The HNA Group, who part- own China’s fourth largest airline, has entered talks over a “wide range of potential partnership and investment opportunities into the airport”.

Both parties signed a deal in London last night allowing preliminary discussions to proceed.

The agreement was rubber stamped by Wang Hexin, vice president HNA Group, and Ron Smith, Prestwick’s chief executive officer.

Founded in 2000, HNA is also involved in a string of other industries including tourism and logistics.

The company is affiliated with a number of top Chinese airlines, including Hainan, Grand China Air and Hong Kong Airlines.

HNA and Prestwick have signed a Memorandum of Understanding ( MOU) allowing talks to go ahead.

Prestwick CEO Smith said: “Glasgow Prestwick Airport’s key focus is returning the airport to a position of profitability and long term sustainability.

“It has not actively sought investors at this stage in the turnaround, but we welcome this interest from HNA and we look forward to exploring this further.

“The new leadership is clear that if potential investors make contact, then their interest will be assessed.

“If they have the potential to help accelerate the turnaround and the delivery of a long term sustainable future for the airport then we will talk to them.

“This is what this MOU is all about – it is about providing the framework for these discussions.”