Dragonair CEO, James Tong, stated the Cathay Pacific/Dragonair/Air China freight JV would be located in Shanghai (SinoCast Daily Business Beat, 15-Oct-2009). Signs of recovery in the Chinese air freight market are "speeding up the negotiations" between the three parties. The venture will be established on the platform of Air China Cargo Co, now a wholly-owned subsidiary of Air China. Cathay Pacific will reportedly inject freighter assets into Air China Cargo in return for a 49% holding in the combined venture.
16-Oct-2009 11:37 AM