CAAC approves Qingdao Airlines

Qingdao Airlines received (17-May-2013) preliminary approval from CAAC Southeast Regional Administration. Qingdao Airlines is a proposed JV between Qingdao Municipal Transport Development Group Co (25%), Nanshan Group Co (55%) and Shandong Airlines (20%). Details include:

• Ownership structure: Qingdao Municipal Transport Development Group Co will invest CNY250 million (USD39.1 million) for a 25% stake, Nanshan Group Co will invest CNY550 million (USD85.9 million) for a 55% stake and Shandong Airlines will invest the remaining CNY200 million (USD31.3 million) for a 20% stake;
• Airport base: Qingdao Airport;
• Business scope: Domestic air passenger and cargo transportation;
• Fleet: Boeing 737-700 or A320;
• Source of professional and technical personnel: Shandong Airlines. [more - original PR - Chinese]