Hainan Airlines secures $569 million joint loan

Hainan Group has secured a CNY4 billion ($569 million) joint loan to pay the daily operating costs of the company and its affiliated airlines, the group has revealed. The loan for Hainan Group, which has run into serious financial debt over the past few years, will consist of a syndicate of eight banks which have signed a joint credit agreement with each lending $71 million. Media outlet Yicai Global has reported that the lenders include two major policy banks, China Development Bank and China Exim Bank, Industrial and Commercial Bank of China and five of the country’s other largest commercial