HNA Group operators the flagship Hainan Airlines. Photo: Reuters

Bohai Capital Holding Co., a listed company of HNA Group, announced on Monday night that a subsidiary firm, Avolon Aerospace Leasing Limited, is planning to sell 41 aircraft for US$884 million to Sapphire Aviation Finance I Limited, The Paper reported.

The plane-leasing company is a wholly-owned subsidiary of Avolon Holdings Limited, which is wholly-owned by Bohai Capital Holding.

As of February 2018, the average age of these aircraft was about 11.95 years, and the average remaining lease period approximately 4.41 years.

AALL will also provide the management service for the 41 aircraft, and charge 3% of the rental income as the management fee.

The controlling shareholder of Bohai Capital Holding is Hainan Airlines Group Co. Ltd., or HNA Capital. According to the company’s third-quarter report last year, HNA Capital is both the largest holder of common stock and tradable shares, accounting for 34.56% and 37.78% respectively.

While the controlling shareholder of HNA Capital is HNA Group, which accounts for 88.05% of the stake.

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