Hainan Air to buy 19 Boeing jets for $4B

shanghai — China’s Hainan Airlines, which has poured billions of dollars into overseas acquisitions, announced plans on Monday to buy 19 Boeing aircraft for $4.2 billion to help meet skyrocketing travel demand by Chinese consumers.

The company said in a statement to Shanghai’s stock exchange that it would buy 13 Boeing 787-9 passenger jets and six 737-8s, citing the continued “rapid growth” in China’s travel market as incomes rise.

It plans to issue 15 billion yuan ($2.18 billion) in bonds to help fund the deal.

Chinese airlines have seen booming business in recent years, rushing to expand their fleets and route networks amid growth that the International Air Transport Association (Iata) predicts will take China past the United States to become the world’s largest airtravel market by 2024.

Hainan Airlines and its parent HNA Group have been among the most acquisitive players in a wave of overseas investments. HNA is a sprawling conglomerate with interests in aviation and tourism. Last year alone, HNA purchased Brazil’s third largest airline Azul, Swiss airline catering company gategroup, and stakes airline Virgin Australia and Portuguese national airline TAP. — AFP