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| China's Nanshan buys 20% Virgin Australia stake | China's Nanshan buys 20% Virgin Australia stake |
| (35 minutes later) | |
| The Chinese group Nanshan has bought a 20% stake in Virgin Australia from Air New Zealand. | The Chinese group Nanshan has bought a 20% stake in Virgin Australia from Air New Zealand. |
| It is the second Chinese firm after the HNA Group to invest in the Australian carrier, which hopes to benefit from growing numbers of China tourists. | It is the second Chinese firm after the HNA Group to invest in the Australian carrier, which hopes to benefit from growing numbers of China tourists. |
| Virgin Australia plans to launch direct flights to and from China next year. | Virgin Australia plans to launch direct flights to and from China next year. |
| Singapore Airlines and Etihad Airways are also major shareholders in Virgin Australia. | |
| Last month, HNA bought 13% of Virgin Australia for $118m but plans to raise that stake to about 20% in the future. | Last month, HNA bought 13% of Virgin Australia for $118m but plans to raise that stake to about 20% in the future. |
| More than one million Chinese tourists visited Australia last year. | More than one million Chinese tourists visited Australia last year. |
| Shares of Air New Zealand rose by more than 3% in Wellington trading following the news. | Shares of Air New Zealand rose by more than 3% in Wellington trading following the news. |
| "We believe Nanshan Group will be a very strong, positive and complimentary shareholder for Virgin Australia," Air New Zealand Chairman Tony Carter said in a statement. | "We believe Nanshan Group will be a very strong, positive and complimentary shareholder for Virgin Australia," Air New Zealand Chairman Tony Carter said in a statement. |
| "The sale will allow Air New Zealand to focus on its own growth opportunities, while still continuing its long-standing alliance with Virgin Australia on the trans-Tasman network". | "The sale will allow Air New Zealand to focus on its own growth opportunities, while still continuing its long-standing alliance with Virgin Australia on the trans-Tasman network". |