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I can see what you mean, but conversely couldn't VA just code share on the VS flights to HKG and pretty much have the same result as you suggest in many of the areas from a network perspective? Then VA's own planes can be put on new routes that have limited competition like JNB etc to increase their overall Virgin group network presence.
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But how about the current partonage on the SYD - JNB by QF? Furthermore, SA currently just codesharing the service. I believe if there is such high partonage/potential, there would already other airlines (eg. SQ/EK/LA etc) start to promote on this route or SA to operate its own service.
I would still support for a VA service to HKG. If swapping carrier is not the best solution, then I believe VA can operate a daily from MEL & OOL to HKG after, or perferably before JNB. This can enable more service on the entire MEL & OOL - LHR, and it will help with the partonage on VS200/201 as well. Furthermore, I believe there isn't too much competition bewteen OOL - Europe/Asia market yet, and lots of HKG tour groups will first stop OOL actually, hence it would save traveller's time.
Finally, VA can consider to run a daily B737-800 service out of CNS to HKG or SIN etc, as QF/JQ isn't doing those services and is mainly dominated by foreign carriers.