Hong Kong joins Japanese enterprises for low-cost airlines

17:02, September 10, 2010      

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Hong Kong's First Eastern Financial Investment Group announced that it has signed an agreement with Japan's All-Nippon Airways to set up Japan's first low-cost airline, which will operate independently from the ANA.

Its main business covers Japan's international and domestic short-haul routes, and the new company is expected to start transport operations in late 2011.

ANA's low-cost carrier, to be based at Kansai International Airport in Osaka Prefecture, will begin domestic and international services at fares nearly half of those offered by regular carriers.

ANA will hold a 39-percent stake in the new carrier, while First Eastern Investment Group based in Hong Kong will hold 33.3 percent.

The move also marks First Eastern Investment's first big stake in a Japanese company. The fund, launched in 1988, has focused primarily on investments in mainland China but has been expanding into other markets in recent years.

By Huang Beibei, People's Daily Online

(Editor:黄蓓蓓)

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