Liaoning Province Airport Management Group said it plans an initial public offering in Hong Kong in the first half of 2005 to raise over US$75 million to restructure three of the four airports it owns in province. The three currently run at a loss. Vice-general manager Ma Huixian said that, because it already was structured as a joint stock company, Taoxian Airport, the one airport that makes money, would not be bundled into the listing vehicle. A Liaoning official said China's 131 CAAC-managed airports used to accumulate looses of RMB 4 billion. Although the Civil Aviation Administration of China no longer administers local airports, the central government still has to pay in subsidies of up to RMB 3 billion a year.