[photopress:Pang_Yuliang.JPG,full,alignright]Despite strong doubts that he would get the needed permissions to complete, Pang Yuliang, an entrepreneur from Central China’s Henan Province and chairman of LinkGlobal Logistics, has said he will definitely acquire Parchim Airport in northern Germany at a cost of RMB1 billion ($130 million) on July 5.
This makes him the first person in China to buy a major European airport through his company or, indeed, in any other way. He declined to reveal any detail about the purchasing fund source, but said he had submitted an application to the Ministry of Commerce for the acquisition and he implied that such permission was forthcoming.
Pang beat ten other global competitors, including FedEx, Hamburg Airport and Emirates Airline, in an international tender. According to the deal, LinkGlobal has 100% property rights to Parchim Airport located in Schwerin, near Hamburg, and its facilities, as well as permanent ownership of land in an economic cooperation zone affiliated to the airport.
This makes a big difference to LinkGlobal which is his company. It has a network covering more than 200 cities in China and about 90 countries worldwide but now it has an European base from which it can expand much further.
The governments of Henan Province and Zhengzhou City as well as the authority of Zhengzhou Xinzheng International Airport have signed an agreement with Pang’s company to set up a Zhengzhou-based aviation logistics company.
The company will operate a cargo transport business between China and Germany, and Pang’s company will hold a majority stake. It look very much as is LinkGlobal will be fighting it out with the major international carriers on their own territory.
Source: China Daily