Shanghai and Taiwan Airlines Enhance CooperationTaiwan-based China Airlines will buy a 25 percent share of Shanghai-based China Cargo Airlines. This is the first time that Taiwan and Shanghai airline companies have cooperated to develop the aviation business.China Cargo Airlines was jointly founded by China Eastern Airlines and China Ocean Shipping Companies Group in 1998, with a registered capital of 500 million yuan (about 60.24 million U.S. dollars). China Eastern Airlines owns 70 percent of the shares. China Cargo Airlines has three MD-11 cargo airplanes while China Airlines owns eight cargo airplanes and has expanded its business to America, Europe and Asia. Li Zhongming, board chairman of the China Cargo Airlines said that the cooperation will help the two partners to utilize their respective advantages, to expand the market and become more competitive. |
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