HONG KONG - The parent of Hainan Airlines Co, China's fourth-biggest airline by revenue, said Monday it is bidding for Frankfurt-based construction company Hochtief AG's airport assets, which it values at more than 1 billion euros?($1.43 billion).

The bidding is the latest development in Hainan provincial government-backed HNA Group Co's push to expand overseas amid falling global asset prices. Last week, the unlisted company said it was joining Bravia Capital of Hong Kong to buy a shipping-container lessor co-owned by General Electric Co in a deal valued at $1.05 billion.

In July, HNA, which owns a majority stake in Hainan Airlines, disclosed plans to buy a stake in Turkish air-cargo carrier ACT Airlines.

Adam Tan, an executive director at HNA Group, said HNA's airport unit is among the bidders that have been short-listed to move to the second round of bidding for Hochtief's airport assets. The assets include stakes in airports in Athens, Budapest, Düsseldorf, Hamburg, Sydney and Tirana, Albania.

"The deal may have to go through another round of bidding and we expect the seller to assign a winning bidder within two months," Mr Tan said.

People familiar with the matter said last week that other bidders for the assets include airport operator Fraport AG of Germany and its bidding partner, Deutsche Bank AG's RREEF infrastructure fund, as well as French construction company Vinci SA and a bidding consortium made up of Allianz SE's investment arm Allianz Capital Partners and the infrastructure fund Global Infrastructure Partners.

The bids all valued the portfolio of airport stakes at more than 1 billion euros.

Mr Tan said HNA Group's plan to expand abroad won't be deterred by recent stock-market volatility and a slower global economic recovery amid concerns about the European debt crisis and health of the US economy.

HNA Group, whose businesses include airlines and airport operations, hotel management and logistics, has also been stepping up its efforts to tap the equity markets in recent years.

The Chinese conglomerate's Grand China Air aviation-investment arm, which counts billionaire financier George Soros as a major shareholder, holds aviation assets including Hainan Airlines and Hong Kong Airlines Ltd.

Grand China Air and Hong Kong Airlines are considering share listings, according to Grand China Air. American Aviation Ltd, backed by Mr Soros, also directly owns a stake of about 2.62 percent?in Hainan Airlines.

Mr Tan said HNA Group will need to invest a total of about $500 million to $600 million from its internal capital for the three overseas transactions, with the rest to be funded by bank facilities.

Eyk Henning in Frankfurt contributed to this article.