China Southern Airlines has applied to form Chongqing Airlines with Chongqing Development Investment Co in its effort to reinforce its foothold in the southwestern market, China's General Administration of Civil Aviation said yesterday.
China Southern will own 60 percent of the new carrier, with a registered capital of 1.2 billion yuan (US$155.2 million). Chongqing Development, the government investment body, takes the remaining stake in the new carrier, which will be based at Chongqing Jiangbei International Airport.
(Shanghai Daily April 4, 2007)
