China Eastern Airlines and several partners plan to launch a new airline in Hainan, as they eye growing air traffic to China’s southernmost island province amid Beijing’s plan to turn it into a free trade hub. China Eastern will own a majority 51% share in the new carrier, which has been given the preliminary name of Sanya International Airlines. One of China Eastern’s major shareholders, Juneyao Airlines, will have a 15% stake, while 14% of the new company will be held by a Shanghai unit of Nasdaq-listed Trip.com, China’s largest online travel agency. Two other state-owned entities, Sanya Development Holdings and Hainan Communications Investment Holdings, will each own 10 per cent of the new joint venture, according to an announcement on the Hong Kong Stock Exchange on Sunday. China Eastern said the new joint venture will have registered capital of 3b yuan (US$420m) to 6b yuan.<br/>