The new 320's most probably are owned by a QF holding company then leased on to various JQ businesses.
Part of QF's strategy in Asia of making a return is not in the core business of a LCC, but in the lease of assets to a JQ business and the fees they would reap out of consultancy, reservations and contracting from head office.
While JQ HK sits on the ground, there probably is a caveat that the aircraft will not be leased until operational to reduce the impact on QF's essential partners. Even though QF only has a 33% interest in JQ HK, their exposure will be tremendous as they are essentially the drivers behind the business model.
Joyce announced JQ HK to deflect the loss of confidence in the Red Star Asia plan, he then had to scramble to find investors to overcome HK regulatory hurdles.
Last edited by KABOY; 20th Mar 2014 at 03:27.