A Chinese conglomerate is planning to buy London City Airport for a whopping £2bn.
According to Sky News, Chinese transport giant HNA Group is working with Barclays to finance its bid for the airport. Other buyers eyeing up the airport include sovereign wealth funds from the Middle East, Canada and Europe. Owned by Global Infrastructure Partners, the airport was put up for sale at the end of last year.
HNA, which owns China’s Hainan Airlines, is also in the process of its $2.8bn takeover of airport cargo company Swissport.
London City Airport welcomed over 4.3 million passengers in 2015, an 18.38% increase on 2014, to set a new passenger number record. The airport’s most popular destinations were Edinburgh, Amsterdam, Dublin, Zurich, and Rotterdam.