Taiwan-based China Airlines Buys into Mainland Cargo Carrier

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Last updated at: (Beijing Time) Tuesday, April 29, 2003

Taiwan-based China Airlines Buys into Mainland Cargo Carrier

The long-expected participation of the Taiwan-based China Airlines in the China Cargo Aviation Company of the Chinese mainland has recently been approved by the State Council, China's cabinet.

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The long-expected participation of the Taiwan-based China Airlines in the China Cargo Aviation Company of the Chinese mainland has recently been approved by the State Council, China's cabinet.

Under the newly-approved agreement between the two sides, China Airlines has become the second largest shareholder of China Cargo Aviation, a joint-venture company established in 1998 by China Eastern Airlines and China Ocean Shipping (Group) Corp. (COSCO) with a registered capital of 500 million yuan (60.24 million US dollars).

Thanks to the participation of China Airlines, the capital of China Cargo Aviation has now expanded to 1.5 billion yuan (180.72 million US dollars), with China Eastern, COSCO and China Airlines holding 55 percent, 20 percent and 25 percent, respectively, of the stake.

The first special cargo carrier on the Chinese mainland, China Cargo Aviation owns a fleet of three MD-11 cargo planes and plans to lease a Boeing-747 cargo liner from a US airline. It operates air cargo transport between China, Japan, Europe and the United States.

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