(Yicai Global) Sep. 3 -- China has given the green light to its first cross-border cargo airline jointly invested by privately-owned firms and the government.
The Civil Aviation Administration of China approved the establishment of China Northwest International Cargo Airlines, the aviation authority said in a public notice yesterday. The registered capital of the proposed company is CNY1 billion (USD 150 million), of which Shaanxi Provincial Communication Construction Group invested half of the total.
Other investors include courier giant YTO Express Group's affiliate YTO Cargo Airlines with a 20 percent stake (CNY200 million or USD29.3 million), Shaanxi West Ham District Metro Airport Development and Construction Group (CNY 200 million, or 20 percent), and Western Airport Group (CNY100 million, or 10 percent).
The airline's base will be Xi'an Xianyang International Airport in northwestern China. Its proposed business scope covers domestic (including Hong Kong, Macao and Taiwan) and international cargo and mail transportation services.
Editor: Emmi Laine