HNA Group, parent of Hainan Airlines, has invested 3.2 billion yuan (US$469 million) in a shipbuilder in Zhejiang Province to expand its business in the shipping sector, Shanghai Daily reported, citing industry sources.

Grand China Logistics Group, a subsidiary of HNA Group, signed an agreement with Zhoushan Jinhaiwan Shipyard Co yesterday for a 50 percent stake in the company and ordered 30 ships.

"The cooperation can help Jinhaiwan remain a fast developer when the industry is gloomy, and HNA Group can also expand its business chains in a bid to create a comprehensive group," HNA Group said.

Huang Shannian, chairman of Jinhaiwan's parent, Zhouji Group, said the company was one of the top 20 shipbuilders in the world. "In 2010, our output value will reach 20 billion yuan and profit will grow to 1.7 billion yuan," Huang said.

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