Virgin Australia and Hainan Airlines announced a new codeshare agreement in June covering Hainan China-Australia flights and Virgin domestic services. seth jaworski

Asia Watch

HNA Group is restructuring, but what does it mean for Virgin Australia?

Who controls Hainan Airlines, the flagship operation of China’s HNA Group, which paid A$159 million for a 13 percent stake in Virgin Australia (VA) back in 2016?

That’s the question that has been puzzling observers in recent times as HNA, based on Hainan Island – China’s very own version of Hawaii – attempts to navigate its way through a morass of debt, the result of a A$65 billion acquisition spree over the past three years.

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