China's Xianmen C&D Inc applies to set up airline jv - CAAC

BEIJING (XFNews-ASIA) - Xiamen C&D Inc (SHA 600153) has applied to the aviation regulator to establish an airline joint venture with a registered capital of 80 mln yuan, said the Civil Aviation Administration of China (CAAC).

The administration said in a statement that Xiamen C&D will invest 39.2 mln yuan to hold a controlling 49 pct stake in the venture, Ningbo Pan Asia Airlines Co Ltd.  

Zim Integrated Shipping Services Co Ltd, a global shipping company, will own a 25 pct stake in the joint venture while Ningbo South Ocean Food Equipment Produce Co will hold the remaining 26 pct stake.

The new carrier will be based in Ningbo, a port city in the eastern province of Zhejiang, according to the CAAC statement.

Xiamen C&D is a diversified company with investments in import & export, logistics and real estate development.