(Yicai Global) Feb. 28 -- Chinese conglomerate HNA Group Co., best known for running Hainan Airlines Co., will team up with logistics giant Global Logistic Properties Ltd. to set up a world-leading modern logistics eco-chain.
GLP aims to leverage HNA Group's expertise in aviation to boost its air freight business arm, said the Singapore-based firm's chief executive Mei Zhiming in a statement.
The two parties will also work together on investment and operations, financial services, as well as fund management platforms and real estate, the statement said.
Founded in 1993, HNA once served as a local aviation transport enterprise of Hainan Province, which now has become a large-size conglomerate with air tour, modern logistics and modern financial services as its core businesses. Last year, this group achieved CNY700 billion turnovers.
HNA Group, whose business portfolio includes an almost 10 percent stake in Deutsche Bank, is in financing trouble after a series of overseas mergers and acquisitions in recent years. The group has participated in at least 40 cross-border M&As since 2010, while total liabilities have hit CNY250 billion (USD39.6 billion).
GLP mainly focuses its operations on China, Japan and Brazil, and runs 258 logistics parks, industrial parks, and high-tech innovation parks in 38 regional markets globally.