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| CAAC approves China Eastern, AVIC I's JV airline |
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| 2008-02-24 | |
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Feb. 19, 2008 (China Knowledge) - The General Administration of Civil Aviation of China (CAAC) has approved China Eastern's<600115><670><CEA> plan to set up a regional airline joint venture with AVIC I, sources with China Eastern disclosed. The new airline, namely Happy Airline, will be headquartered at Xi'an Xianyang International Airport, with a registered capital of RMB 1 billion. AVIC I will be the controlling shareholder with a 60% stake and an investment of RMB 600 million, while China Eastern will hold the remaining 40% stake with an investment of RMB 400 million. Meanwhile, Happy Airline will buy will buy regional aircrafts made by AVIC I to build presence in China's regional aviation market, according to sources. China Eastern hopes the new airline will help the company tap the low- and mid-end of the aviation market in West China so as to complement the mainstream business of the Shanghai-based airline. Currently, five Chinese airlines including Hainan Airline<600221><900945>, China Eastern, China Southern<600029><1055><ZNH>, Shanghai Airline<600591> and Shandong Airline<200152> operates regional flights in the country. |
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