Junyao Group, a private firm based in Wenzhou, Zhejiang province, has offered Yn550m for complete ownership of Yichang airport, which serves the Three Gorges region. Shanghai Daily said the planned purchase had been approved by the Civil Aviation Administration of China. If it goes ahead, it would be the first complete takeover of a Chinese airport by a private firm.
Wang Junyao, chairman of Junyao Group, plans to spend Yn350m on the purchase and Yn200m on renovations. He is already a pioneer in the aviation sector, having started a charter air service between Wenzhou and Changsha, Hunan province, in 1991. This was the first private charter business in China, initiated at a time when Wenzhou was not connected by rail and its road network was circuitous.
In a separate development, Junyao Group is to build a 32-storey office block in Shanghai, South China Morning Post reported. The Shanghai Junyao International Plaza, in the city's Xujiahui commercial district, would be the largest of the company's three property projects in Shanghai. The group has another office block in Xujiahui and a development of villas in Pudong.