The Cargolux Board of Directors approved an investment of US$77m for Cargolux China, a new joint venture Chinese cargo airline based at Zhengzhou, Cargolux’s new hub in China.
The investment represents a 35% share in the new airline for Cargolux. Other shareholders in the joint venture are Henan Civil Aviation Development and Investment Co. (HNCA), which is due to hold 49%, Xin Gang Investment & Development Co., Ltd of Zhengzhou Airport Comprehensive Economic Experimental Zone with 8% and the Henan Airport Group Co., Ltd, which is expected to hold the remaining 8%.
HNCA, which is also a 35% shareholder in Cargolux, is a state-owned enterprise, concentrating on the development of the civil aviation industry.
Xin Gang Investment & Development Co., Ltd was founded in Zhengzhou in 2012 as a private company engaged in construction projects and is responsible for the development of the airport economic zone. The 415 sq km Zhengzhou Airport Economy Zone at Zhengzhou International Airport ranks among the largest economic zones in Central China.
Henan Airport Group is the operator of Zhengzhou Xinzheng International Airport. The airport’s strategic plan through 2040 foresees five runways, one of which will be solely dedicated to cargo flights, four passenger terminals and expanded cargo facilities.
Cargolux China is expected to be based at Zhengzhou with operations due to commence in 2017, focusing on transpacific and intra-Asian routes. Its fleet is planned to grow to five 747 freighters within the first three years of operation. ‘Cargolux China’ is the youngest addition to the Cargolux Group which currently operates 25 747 freighters, including 4 operating for Cargolux Italia. With the China joint venture, Cargolux is expected to expand its fleet to 30 aircraft by 2017.
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