As the three global alliances angle for a foothold in the Chinese market, China Eastern Airlines is leaving its options open, preferring to identify a new strategic investor before committing to one of the groupings.

The carrier told the Shanghai Securities Gazette that it is speeding up talks on selling off a 20%-25% stake to a new investor, likely a foreign airline that already may be an alliance member. "There is no need to rush now, as we don't want to disturb our ongoing negotiations," it told the paper. China Eastern Airline Group holds a 59.9% share of the carrier with the remaining shares in circulation. It intends to maintain a controlling stake.

American Airlines has attempted to recruit CEA into oneworld and said the Chinese carrier was interested but that "there is no specific timetable on when to make it happen." Korean Air has lobbied on behalf of SkyTeam, which already has signed up China Southern Airlines. China Eastern said its contact with each of the three alliances has been "confined in internal discussion."

Singapore Airlines, a member of Star Alliance, is pegged as the most probable strategic investor in CEA. "We are negotiating with China Eastern about possible partnership to hold a stake, but I don't think that will happen in the near future," a top SIA executive reportedly told the paper. CEA Chairman Li Fenghua noted there are several foreign airlines showing interest in investing. It refused to disclose candidates other than SIA.

Membership in Star Alliance may be problematic, however, as CEA's biggest competitor, Shanghai Airlines, will join that alliance this year. Air China also will join Star Alliance, while China Southern is heading to SkyTeam.