HNA Group, the parent of China's fourth-largest carrier Hainan Airlines, is likely to complete its restructuring by the end of this year, ahead of an overseas listing of some assets, group chairman Chen Feng said.

The restructuring will form a flagship carrier by merging four of HNA's major airlines, Chen said, as part of the carrier's effort to expand its network amid intensified competition in China's enormous aviation industry.

Chen said the flagship carrier, Grand China Air, will be formed from Hainan Airlines based in the southern province of Hainan, Xinhua Airlines based in Beijing in the north, Shanxi Airlines based in central Shanxi province, and Changan Airlines based in Xi'an city of western province Shaanxi.

Chen said HNA plans to quickly expand its fleet in the next five years from the current of more than 130 airplanes, by adding 20 to 30 planes each year.

Chen said Hainan Airlines, partly owned by financier George Soros, is open to introducing more strategic overseas investors.

Chen said Hainan Airlines has no plans to hold talks with bigger rival Air China on a merger.

He said Air China and Hainan Airlines have different aircraft types and different operating models and both companies have respective big spaces for development at the fast growing industry.