Airline crew members step off the "Harmony" E190 Aircraft of the newly established Tianjin Airlines on June 6, 2009. [Xinhua]

HNA Group, parent of China's No. 4 carrier Hainan Airlines, launched a joint venture called Tianjin Airlines Monday in the northern port city of Tianjin.

The joint venture, Tianjin Airlines, has a registered capital of 1.3 billion yuan (US$190 million), the company said in a press release.

The company was renamed from Grand China Express Co. after receiving a 200-million-yuan investment from Tianjin Port Free Trade Zone Investment Co.

HNA Group holds a 83.15 percent stake and Hainan Airlines holds a 1.47 percent stake. Tianjin Port Free Trade Zone Investment Co. takes the remaining 15.38 percent stake.

Chen Feng, chairman of HNA Group, said Tianjin Airlines would expand its fleet and service to consolidate its position as Asia's largest regional airlines.

By 2012, the carrier would double its fleet size to more than 100 and provide an air service to 100 domestic and overseas cities.

(Xinhua News Agency June 9, 2009)