Air China has submitted a proposal to establish China's largest air freight company, reported Xinhua. China's flag carrier will be the main shareholder in the new company, which will have a registered capital of Yn2.2bn. Hong Kong Citic Taifu Co and Beijing Capital Airport Group will be the other partners.
If the General Administration of Civil Aviation grants approval, the company should be established by the end of this year. It would own four Boeing-747 cargo planes and employ about 1,200 people. It plans to serve 29 cities in 19 countries, including New York and Frankfurt. Cargo business currently accounts for about a quarter of Air China's total revenue.