Yunnan to fly new airline
By Winny Wang |
July 2, 2011, Saturday
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Print Edition
Print Edition
CHINA Eastern Airlines' planned subsidiary in the popular tourist province of Yunnan is likely to take off as early as this month after passing the civil aviation regulator's preliminary review.
The country's second-largest carrier will invest 2.38 billion yuan (US$368 million) for a 65 percent stake in the joint venture with the Yunnan provincial government, which will hold the remaining stake with an initial investment of 1.28 billion yuan, the Civil Aviation Administration of China said on its website yesterday.
The Shanghai-based carrier will fund the venture with 700 million yuan in cash and 1.68 billion yuan worth in aviation-related assets, while the Yunnan government will provide land worth 1.03 billion yuan and 254 million yuan in cash.
"The venture is aimed at boosting the aviation industry in Yunnan and strengthen China Eastern's competitiveness and market share," the carrier said in a statement.
The country's second-largest carrier will invest 2.38 billion yuan (US$368 million) for a 65 percent stake in the joint venture with the Yunnan provincial government, which will hold the remaining stake with an initial investment of 1.28 billion yuan, the Civil Aviation Administration of China said on its website yesterday.
The Shanghai-based carrier will fund the venture with 700 million yuan in cash and 1.68 billion yuan worth in aviation-related assets, while the Yunnan government will provide land worth 1.03 billion yuan and 254 million yuan in cash.
"The venture is aimed at boosting the aviation industry in Yunnan and strengthen China Eastern's competitiveness and market share," the carrier said in a statement.
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