SYDNEY (REUTERS,BLOOMBERG) - Hong Kong Airlines, controlled by cash-strapped Chinese conglomerate HNA Group, must shore up its financial position by … ALL RIGHTS RESERVED. According to the stock exchange filing, the funds can be used for any of HNA Group’s affiliate airlines. SINGAPORE - The cost of air tickets between Singapore and Hong Kong soared on Friday (Oct 16) just a day after plans for a travel bubble between the … Based in Washington DC, United States. The airline said that it cannot comment on its financial activities. Hong Kong Airlines recently announced the airline would be ending all long-haul services. Of Asia Pacific's medium or larger full service international carriers, none has grown as quickly as Hong Kong Airlines (HKA), which between 2010 and 2012 nearly quadrupled in size, growing 178% – the fastest in the region. The territory lends China capital, clout and kudos. Cathay Pacific, Hong Kong’s flag carrier airline, has issued a profit warning after the coronavirus outbreak forced it to cancel two in every five flights for February and March. So it was time to figure out what we had gotten ourselves into. On top of that, the airline has seen six directors and the CFO leave the company in the past six months. Deputy Content Manager & Lead US Journalist - Jay’s extensive travels and experience with premium products has given him incredible insight into the wider landscape of commercial aviation. The end of long-haul routes. For Hong Kong Airlines, it seems loss-maker is where it landed. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Hong Kong Airlines financial problems possibly terminal Back to Forum. And, with the lack of long-haul services, management seemed to deem that this is not as important for Hong Kong Airlines to offer passengers. Established in 2006, Hong Kong Airlines is a full-service airline firmly rooted in Hong Kong. Hong Kong Airlines Limited provides airline services. In another cost-cutting move, Hong Kong Airlines is making a move towards ending inflight entertainment. The last flights will operate between the two cities as HX068 and HX069. This plan will be tested against the airline's lack of a strong connecting market. Hong Kong Airlines has warned of a severe cash-flow problem since late August. Additionally, the carrier said that it will continue to monitor the market demand in case it needs to suspend the route sooner than early February. A library of press releases featuring news and developments concerning Hong Kong Airlines, its flights and operations and the destinations the airline serves. Cited by TIME and Intelligent Aerospace, among others, and interviewed by major outlet NPR, Jay’s focus on route planning and fleet developments allow him to dig deeper into the stories behind the headlines. Viewing 3 posts - … For an explanation of our Advertising Policy, visit this page. Hong Kong Airlines, most recently, has seen declining numbers of travelers as unrest in Hong Kong deters people from traveling. As reported by the South China Morning Post, last week, Hong Kong’s Air Licensing Transport Authority warned that it would impose measures if the airline’s financial situation did not improve. Get the latest aviation news in your inbox! Either $5 or 5% of the amount of each transfer, whichever is greater. According to a press release, the carrier said that it will offer alternative travel arrangements for affected passengers. *Bonus value is an estimated value calculated by TPG and not the card issuer. Hong Kong Airlines is in trouble. Hong Kong's Air Transport Licensing Authority (ATLA) has asked Hong Kong Airlines (HX, Hong Kong Int'l) for further clarification of its financial situation after a review of the information already provided by the carrier, the South China Morning Post (SCMP) has reported. See, route between Hong Kong and Los Angeles (LAX), plans to suspend its Hong Kong to San Francisco (SFO) route, a credit card that offers travel protection, Aeroplan buy points promo: Earn up to 80% bonus points, 5x points on gift cards, Airlines add new mask exemptions following federal mandate, Don’t forget about these offers! According to Hong Kong Airlines’ 2017 accounts, seen by Reuters, the airline held shares in four unlisted HNA affiliates, worth $367 million at the end of … Hong Kong airlines is offering the best times and we've now tried to book them through the internet on their own website, through online travel sites and also by calling one of their US listed numbers. Hong Kong Airlines is in the midst of a significant expansion period defined by A350 services to North America and soon A330s to continental Europe. Situations like this are also why its always best to book your travel with a credit card that offers travel protection. HKIA Blog Check out the stories shared by our airport community members.-°C What do you make of the situation at Hong Kong Airlines? It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered. An Airbus A350 for Hong Kong Airlines recently entered storage. Hong Kong Airlines exiting the market is a loaded consideration. The success or failure of Hong Kong Airlines could also prove whether or not Hong Kong can sustain two independent airlines given Cathay Pacific’s long-standing dominance. Financial Troubles Mount For Hong Kong Airlines Recent unrest in Hong Kong. Furthermore, the airline also incentivized foreign pilots to leave the carrier in yet another attempt to reduce costs. The application shows Hong Kong Airlines has been profitable, but with significant contributions from sub-leasing of aircraft. Hong Kong's Air Transport Licensing Authority (ATLA) has asked Hong Kong Airlines (HX, Hong Kong Int'l) for further clarification of its financial situation after a review of the information already provided by the carrier, the South China Morning Post (SCMP) has reported. We built a spreadsheet to help you track Amex credits, U.S. Bank Altitude® Go Visa Signature® Card. Terms apply to the offers listed on this page. So your best bet is going to be a cash fare. A forecast published Friday by the government predicts Hong Kong’s economy will contract by 1.3% in 2019, marking the first year of recession since the global financial crisis a decade ago. In order to ensure the service meets your needs, our reservation office or airport staff may ask you some questions to the extent permitted by law to determine the level of assistance you require. The Company offers trip planning, booking, airpass, and travel services. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Please view our advertising policy page for more information. File photo: Benson Kua, via Flickr. We use ads to keep our content free. Follow these easy steps to disable AdBlock, Follow these easy steps to disable AdBlock Plus, Follow these easy steps to disable uBlock Origin, Follow these easy steps to disable uBlock, airline would be ending all long-haul services, Hong Kong Airlines is making a move towards ending inflight entertainment, An Airbus A350 for Hong Kong Airlines recently entered storage, delay salary payments for around 1,600 of its staff. The airline has been experiencing financial problems and is currently trying to restructure. 4 Chinese Travelers Avoid Baggage Fees But End Up With Ulcers, Emirates To Deliver COVID-19 Vaccines To Developing Countries. I would like to subscribe to The Points Guy newsletters and special email promotions. Activate by 12/31/21. In a statement on Friday night, the independent Air Transport Licensing Authority (ATLA) said Hong Kong Airlines was sued in February for not paying leases on six aircraft, two of which were actually sub-leased to Hainan Airlines. This video is about Hong Kong Airlines and News about its Financial problems, or financial crisis. Ultimately, Hong Kong Airlines relied significantly on origin and destination passengers over connections. Hong Kong Airlines is currently in financial strife due to market conditions. Hong Kong Airlines Limited (stylised as HONGKONG AIRLINES) is an airline based in Hong Kong, with its headquarters in the Tung Chung district and its main hub at Hong Kong International Airport.It was established in 2006 as a member of the HNA Group and flies to more than 30 regional and international destinations in Asia and North America using both passenger and … The airline said on Monday that under pressure from the Hong Kong government, it will end its route between Hong Kong and Los Angeles (LAX). The airline said on Monday that under pressure from the Hong Kong government, it will end its route between Hong Kong and Los Angeles (LAX).. As of 8 February 2020, the carrier will cancel the route to LAX.The last flights will operate between the two cities as HX068 and HX069. As Hong Kong Airlines is controlled by the HNA Group, the parent company's financial problems have sparked concern over the operation of its airlines. Airline licensing chiefs have demanded Hong Kong Airlines explain its financial situation, it was revealed on Friday, as the carrier vowed it was “here to stay” despite a spate of departures by top executives. © 2021 THE POINTS GUY, LLC. Reportedly, it is considering reducing the size of its fleet from 38 to 28 aircraft by cutting 10 Airbus A330-200s. Why Do Airbus’ Latest Aircraft Wear A ‘Mask’ Around The Windscreen? Plus earn up to $50 in statement credits towards grocery store purchases. Please view our advertising policy page for more information. According to the South China Morning Post, Hong Kong Airlines on Jan. 5 issued a statement in which it threatened legal action against any organization that publicly questions its financial health in the wake of a turbulent few months for the carrier and an especially troubling start to 2019. As of 8 February 2020, the carrier will cancel the route to LAX. Hong Kong Airlines is one of them. This site does not include all credit card companies or all available credit card offers. Airlines in Hong Kong have called for financial assistance on top of a HK$1.6 billion relief package upon getting to know they will not be given any discount on aeronautical charges, the Post has learned.. Hong Kong Airlines’ ongoing financial troubles have forced the carrier to cut one of its U.S. routes. Get unlimited deliveries with a $0 delivery fee and reduced service fees on eligible orders over $12 for a minimum of one year with DashPass, DoorDash's subscription service. With Pay Yourself Back℠, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories. Hong Kong Airlines’ ongoing financial troubles have forced the carrier to cut one of its U.S. routes. The airline needs HK$2 billion ($255 million USD) to ensure that it can keep its license, two sources told Reuters. Several airlines have collapsed in 2019 because of financial problems, including India's Jet Airways Ltd , Britain's Thomas Cook and Iceland's WOW. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. As of 8 February 2020, the carrier will cancel the route to LAX. This post contains references to products from one or more of our advertisers. Hong Kong Airlines Limited (stylised as HONGKONG AIRLINES) is an airline based in Hong Kong, with its headquarters in the Tung Chung district and its main hub at Hong Kong International Airport.It was established in 2006 as a member of the HNA Group and flies to more than 30 regional and international destinations in Asia and Europe using both passenger and cargo aircraft. Hou Wei, former vice-president of Hainan Airlines, took over the chairman position at Hong Kong Airlines in November 2018. This is also the company that was in the news a few months ago for allegedly not being able to finance new Airbus planes. The airline apparently deemed it costlier to fly the aircraft than to store it. Hong Kong Airlines (HKA) revealed on Monday that it was reviewing its entire route network and had not ruled out axing all long-haul flights. Photo: K Y Cheng. For example, 60,000 points are worth $750 toward travel. Let us know in the comments! CARD HIGHLIGHTS: 2X points on all travel and dining, points transferrable to over a dozen travel partners. The airline said that will be contacting affected customers. Hong Kong Airlines said on Wednesday it had drafted an "initial cash injection plan" that would allow it to make overdue salary payments on Thursday as the carrier battles to keep flying. The airline is adjusting its frequencies between Hong Kong (HKG) and Vancouver (YVR), Osaka (KIX), Okinawa (OKA), Sapporo (CTS), Tokyo (NRT), Seoul (ICN), Haikou (HAK), Hangzhou (HGH), Nanjing (NKG) and Bangkok (BKK). “Hong Kong Airlines’ business is severely affected by the social unrest in Hong Kong and a sustained weak travel demand,” the carrier said in a statement. Featured photo by Alberto Riva/The Points Guy. Hong Kong Airlines, the third largest airline in its namesake hub, has filed an application to be listed on the Hong Kong stock exchange. Government regulators are pushing for the airline to turn over financial statements as the government has again strongly stated doubt over the health of the airline. Hong Kong Airlines is in the midst of a significant expansion period defined by A350 services to North America and soon A330s to continental Europe. Get 25% more value when you redeem for travel through Chase Ultimate Rewards®. View our latest valuations here. That's $750 when you redeem through Chase Ultimate Rewards®. Includes eligible pick-up and delivery services. The airline also moved to delay salary payments for around 1,600 of its staff members. My friends and I are trying to find flights from Hong Kong to Beijing. 2X points on dining at restaurants including eligible delivery services, takeout and dining out and travel & 1 point per dollar spent on all other purchases. “In addition to strong competition and overcapacity in the market, the recurring protests in Hong Kong since June have also affected travel demand, further impacting its business and revenue.”. This kind of trouble does not come cheap. These services can come at an immense cost to an airline. Hong Kong Airlines is currently in financial strife due to market conditions. Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. HOWEVER, none of our cards have worked. Many of the credit card offers that appear on the website are from credit card companies from which ThePointsGuy.com receives compensation. Be in the know. In July, the carrier announced plans to suspend its Hong Kong to San Francisco (SFO) route, which took effect in October. Which Countries Accept Vaccinated Travellers? Hong Kong Airlines provides wheelchair services within airport area upon your request. The airline had already been facing difficulties because of anti-government protests in Hong Kong, an international financial and travel hub and a key part of its business. And because Hong Kong Airlines isn’t a part of a major airline alliance, there isn’t a feasible way to easily book these flights with miles. “Hong Kong is China’s financial window on the world, and vice versa. Airlines changing routes and service isn’t uncommon, but if your travel plans have been impacted be sure to contact the airline and take advantage of the offer to rebook or refund your tickets. As a result, many analysists question the viability of the group’s investment in Hong Kong Airlines. But its parent company, HNA Group, has faced extremely daunting financial pressure lately. We are committed to offering an exceptional customer experience that delivers our brand promise of being “Truly Hong Kong”, showcasing our “Passion for Service” and to ”Deliver More” by going above and beyond at every step of your journey. Airlines hope Covid-19 health pass will have passengers flying again ... Hong Kong and Singapore on Thursday. Hong Kong's airline licensing body on Friday warned it would take "appropriate action" in the business affairs of Hong Kong Airlines as it publicly criticised the carrier's slumping financial performance. A RED VENTURES COMPANY. Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities. Hong Kong Airlines Limited: Country: Hong Kong: Airline Founded : 30 Sep 2006: Group / Part of: Hainan Airlines Group; Subsidiaries / Group Airlines: Hong Kong Air Cargo (5 aircraft) Base / Main Hub: Hong Kong Chek Lap Kok (HKG / VHHH) Fleet Size: 35 Aircraft Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Though small, Hong Kong Airlines is a top-notch carrier. “Hong Kong Airlines has been operating in a challenging business environment for some time,” the carrier said in a press release. Sign up to our daily aviation news digest. The wheelchair service will be provided at no additiona… The recent reduction in tourist numbers coupled with intense competition from Cathay Pacific has put the carrier’s ambitions on ice as survival is the first goal for the airline. As such, it is appreciated that you can provide us with as much information as possible during the reservation or checking-in at our counter. ($1 = 7.8249 Hong Kong dollars) At least six board members, including both chairmen and the Chief Financial Officer (CFO) left the company since July 2018. There were rumors that HNA Group was trying to unload their stake in Hong Kong Airlines. There is no airline like it. Hong Kong airlines is looking to cut as many as 10 aircraft from its current fleet as public doubt over the financial viability of the company continues to mount. Hong Kong Airlines sought to reassure people of its financial soundness last month after a series of high-level executive departures sparked speculation it was struggling. This topic has 2 replies, 2 voices, and was last updated 15 Apr 2019 at 23:00 by Folium. Last month, HNA announced it’s selling budget carrier Hong Kong Express Airways to Cathay Pacific Airways Ltd. for HK$2.25 billion ($287 million) in cash. 2019 has been a difficult year for a number of airlines. Let’s take a look at Hong Kong Airlines’ troubles. Editorial Note: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities. However, it is unclear exactly how much more trouble the airline can endure before it finally succumbs to all of these pressure. “It is hoped that this will help improve the operation of Hong Kong Airlines,” the government said in a statement following the airline’s reduction in frequencies. Follow him on social media for all his latest travel updates. Since 2009 it has grown 233%, eclipsed only by sister HNA carrier Tianjin Airlines.. Hong Kong Airlines' … The airline has been experiencing financial problems and is currently trying to restructure. Earn 2x total points on up to $1,000 in grocery store purchases per month from November 1, 2020 to April 30, 2021. The move is part of a series of operational adjustments in order to cut costs. Hong Kong Airlines’ ongoing financial troubles have forced the carrier to cut one of its U.S. routes. This move would make sense if the airline does not want to continue with long-haul flights and such a large aircraft would be difficult to fill on some competitive short-haul routes. Hong Kong Airlines faced several controversial problems in recent weeks. Reportedly, it is considering reducing the size of its fleet from 38 to … Hong Kong Airlines recently announced the airline would be ending all long-haul services. Hong Kong Airlines has failed to submit its latest financial report, driving up the yield of a US$6.83 million (HK$53.27 million) perpetual bond by 5 percent. A few weeks ago, Hong Kong’s Air Transport Licensing Authority (ATLA) demanded Hong Kong Airlines detail plans to improve finances. We may receive compensation when you click on links to those products. Ms. Suen endured Hong Kong’s earlier problems, like the outbreak 17 years ago of SARS, which killed almost 300 people and briefly knocked the … This site does not include all credit card companies or all available credit card offers. https://www.airlinequality.com/airline-reviews/hong-kong-airlines There are a number of airlines in for a rough 2019, and one of them is not taking to it kindly.. Hong Kong Airlines is said to be in troubled financial waters, but it doesn’t want anybody knowing that. The credit card offers that appear on the website are from credit card companies from which ThePointsGuy.com receives compensation. In addition to the Los Angeles cancellation, the carrier is also cutting its current operation by around 6%, forcing it to further adjust frequencies to some of the destinations in its network. The airline said on Monday that under pressure from the Hong Kong government, it will end its route between Hong Kong and Los Angeles (LAX). Hong Kong Airlines Threatens to Sue Those Who Question Financial Standing. The Points Guy will not sell your email. We use cookies Hong Kong Airlines uses cookies to improve your website experience. Long-haul routes can either be incredibly profitable for an airline, or they can be a huge loss-maker. As of now, the carrier is still flying. Hong Kong Airlines is facing financial problems. Although Hong Kong Airlines was not the only airline to receive negative effects as a result of this, Hong Kong Airlines was hit fairly hard because, unlike Cathay Pacific, the airline does not have a strong network for connecting passengers. This plan will be tested against the airline's lack of a strong connecting market. As a private company, Hong Kong Airlines does not disclose its financial performance publicly nor comment on market rumours or media speculation. In conjunction with the country’s Civil Aviation Department, the two groups concluded that measures needed to be taken following a Nov. 1 meeting with the airline’s management team. HONG KONG, April 19 - Embattled Chinese conglomerate HNA Group has denied accusations of embezzlement and financial irregularity made by a rival group of shareholders in Hong Kong Airlines … Hong Kong Airlines operates worldwide. Please Support us by turning off your adblocker. Its application discloses many figures for the first time in the airline’s history, but is not yet a formal prospectus. Redeem for travel through Chase Ultimate Rewards® Guy newsletters and special email promotions airline be... Time to figure out what we had gotten ourselves into from sub-leasing of aircraft will... Move, Hong Kong we may receive compensation when you redeem for travel through Chase Ultimate Rewards® a connecting! From traveling 4 Chinese travelers Avoid Baggage Fees but End Up with,... 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