A new airline company was formed last month, becoming the first in China to be partly funded with private investment, said China Daily. Shanghai Junya Group will own 18 per cent of the registered capital of China Eastern Airlines Wuhan Co, which was reformed from its predecessor Wuhan Airlines. China Eastern and Wuhan Airlines will each own 40 per cent of its shares. The new airline has 17 aircraft and more than 60 domestic air routes. A director of China's General Administration of Civil Aviation, Yang Yuanyuan, said that the new company was a good model for civil aviation reform.