Bloomberg reports General Electric and a partner agreed to sell shipping-container lessor GE SeaCo for $1.05 billion to China-based HNA Group and Bravia Capital as chief executive officer Jeff Immelt reshapes GE’s finance business. GE will receive about $500 million from the deal, which includes some assets owned by the company and SeaCo Ltd. (SEAOF) that are managed by GE SeaCo. SeaCo will get about $528 million, the statement said.

Immelt agreed to sell GE’s 50% stake in the world’s fifth-biggest container-lessor as he sheds finance assets to focus on industrial units. HNA Group and Bravia plan to expand the container lessor’s fleet “significantly” over the next two years, according to the statement, as rising shipments of Asian-made goods to Europe and the U.S. boosts demand for cargo-boxes.

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