(Yicai Global) June 15 -- China Eastern Airlines will work with four partners, including online travel platform Trip.Com, to set up a new aviation company in southern China's Hainan province to seize opportunities on the island that is turning into a free trade zone.

China Eastern will have a 51 percent stake in Sanya International Airlines, the Shanghai-headquartered firm said in a statement yesterday.

The new airline, which will have from CNY3 billion to CNY6 billion (up to USD846.3 million) in registered capital, should operate out of the main bases of Sanya Phoenix International Airport, and the upcoming second airport in Sanya, located in Hongtang Bay.

This is the first time that the Shanghai-based travel agency has invested in the aviation sector. Its competitor, Tongcheng Tourism Holdings, took a controlling stake in Hongtu Airlines in 2017.

Juneyao Airlines will have 15 percent of Sanya International Airlines's equity, Trip.Com 14 percent, and both Hainan Transportation Investment Holding and Sanya Development Holdings will hold a 10 percent stake each.

Editor: Emmi Laine