Hainan Airlines Co. Ltd. (600221.CN) will invest 2.1 billion yuan (US$344.67 million) to establish a joint-venture airline company, it said in a regulatory filing Wednesday. It will join Urumqi City Construction Investment Co. Ltd. (UCCI) to form Urumqi Airlines Co. Ltd. in the next two years. Hainan Airlines will hold 70 percent of the new airline. UCCI will put in 900 million yuan for the remaining 30 percent of the venture.
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