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China aviation regulator to grant license to Southern Airlines/Chongqing JV

Beijing (XFN-ASIA) - China's aviation regulator said it plans

to grant a domestic operating license to Chongqing Airlines, a joint venture

between China Southern Airlines and Chongqing Development & Investment Co

Ltd.

The regulator said in a statement that total investment in the venture is 1.2 bln yuan, with China Southern investing 720 mln yuan for a 60 pct stake.

Chongqing Development & Investment, a firm owned by the Chongqing municipal government will hold the remaining stake for 480 mln yuan.

Chongqing Airlines will use three A320 aircraft provided by China Southern for domestic air passenger and cargo operations, the regulator said.