News: UPDATE 1-Virgin Australia says China's HNA Aviation to buy major stake, page-11

This is probably a compromise. SIA doesn't want China Southern on the register as it is big enough to threaten their own China links. HNA is the next best thing for some China exposure. HNA is not strong internationally and a tie up with VAH makes sense to them. In order to feed its domestic routes, VA will need to fly in pax via HNA's domestic network. This would require some investment. I think SIA would love to take over VA for 40-50c if it could. That would be last thing Qantas wants.