China Eastern Airlines is seeking buyers for its remaining 5 percent stake in loss-making Joy Air, a small domestic airline that has been blighted by safety concerns over its propeller-powered planes. <\/p>\n
China Eastern is asking for 35 million yuan ($5.51 million) for the stake. In February 2009, it sold a 35 percent stake in the airline based in the northwestern city of Xi’an. <\/p>\n
“We only have a 5 percent symbolic stake in Joy Air now, and the carrier is not a good match for us in terms of market position or business model,” China Eastern’s board secretary told Reuters. <\/p>\n
Executives at AVIC Xi’an Industry Aircraft Industry (Group) Co, the manufacturer and majority shareholder of Joy Air, could not be reached immediately for comment. <\/p>\n
Joy Air, which currently operates eight domestic routes, lost 151.6 million yuan in 2014, and ended last year with total debt amounting to 1.1 billion yuan, exceeding its total assets of 966 million yuan, according to the statement, posted on China Beijing Equity Exchange. <\/p>\n
China Eastern shares entered the midday break up 6.39 percent, but the reason for the rise was unclear. <\/p>\n
The Chinese-made MA-60 aircraft in Joy Air’s fleet have been involved in several accidents over the past few years. <\/p>\n
In May, the entire wing section broke off from the fuselage of a Joy Air MA-60 during a hard landing at Fuzhou airport in southeast China.<\/p>\n","protected":false},"excerpt":{"rendered":"
China Eastern Airlines is seeking buyers for its remaining 5 percent stake in loss-making Joy Air, a small domestic airline that has been blighted by safety concerns over its propeller-powered planes. China Eastern is asking for 35 million yuan ($5.51 million) for the stake. In February 2009, it sold a 35 percent stake in the airline based in the northwestern city of Xi’an. “We only have a 5 percent symbolic stake in Joy Air now, and the carrier is not a good match for us in terms of market position or business model,” China Eastern’s board secretary told Reuters. Executives […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[229],"tags":[],"class_list":["post-35426","post","type-post","status-publish","format-standard","hentry","category-civil-aviation"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/35426","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=35426"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/35426\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=35426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=35426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=35426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}