Hainan Airlines Group chairman Chen Feng said the restructuring of Grand China Air, which is partly owned by Hainan Airlines, will be completed by the end of this year and a decision will be made soon about where Grand China Air will be listed.

Chen told a press briefing in Beijing that the airline has finished inviting private equity groups and international investors to be strategic partners, apart from the 15 percent stake international financier George Soros holds.

However, he declined to disclose the names of the new investors or the portion those new investors hold.

Grand China Air was founded in 2005 by Hainan Development Holdings, the parent of Hainan Airlines, Soros and three other parties, after gaining permission from the General Administration of Civil Aviation of China (CAAC). Although Chen once mentioned he planned to list Grand China Air in Hong Kong, he declined on Oct. 19 to say when or where it will float, as things are at a critical stage, he said.