Chinese conglomerate HNA Group Co. Ltd has increased to 20 percent from 12 percent its holding in Atlantic Gateway, which owns 45 percent of Portuguese airline TAP, so giving HNA an indirectly held stake in the airline of 9 percent, Público reports.

The Portuguese newspaper quotes Humberto Pedrosa, who controls 40 percent of Atlantic Gateway, as saying the increase has always been part of the plan, with the purpose of allowing HNA to consolidate the financial results of Atlantic Gateway with its own.

The report says HNA bought 5.6 per cent of Atlantic Gateway in July 2017 for €84,000 (about US$95,000) and increased its holding to 12 per cent in January last year.

HNA is trying to reduce its debt by getting out of businesses other than its core business of running airlines, Público says.