Luxembourg-based Cargolux airline will launch an investment of USD 77 million for ‘Cargolux China’, a new joint venture Chinese cargo airline based at Zhengzhou, Cargolux’s new hub in China. The Cargolux Board of Directors approved the respective financial commitment on 19th January 2016.
The new cargo airline will be based at Zhengzhou, Cargolux’s new hub in Zhengzhou, China and is expected to start operations in 2017, focusing on transpacific and intra-Asian routes. Its fleet is planned to grow to five 747 freighters within the first three years of operation.
The investment represents a 35% share in the new airline for Cargolux. Other shareholders in the joint venture are Henan Civil Aviation Development and Investment Co. (HNCA), which will hold 49%, Xin Gang Investment & Development Co., Ltd of Zhengzhou Airport Comprehensive Economic Experimental Zone with 8% and the Henan Airport Group Co., Ltd, which holds the remaining 8%.
HNCA is a state-owned enterprise, concentrating on the development of the civil aviation industry, the construction of the Zhengzhou Airport Economy Zone, promoting the transformation and upgrading of the Central China Economic Zone by actively participating in aviation infrastructure construction and the development of related industries.
Xin Gang Investment & Development Co., Ltd was founded in Zhengzhou in 2012 as a private company engaged in construction projects and is responsible for the development of the airport economic zone. The 415 km² Zhengzhou Airport Economy Zone at Zhengzhou International Airport ranks among he largest economic zones in Central China with remarkable growth in industrial investment, economic output and trade volumes.
Henan Airport Group is the operator of Zhengzhou Xinzheng International Airport, the fastest growing cargo airport in China. The airport’s master plan through 2040 foresees five runways, one of which will be solely dedicated to cargo flights, four passenger terminals and expanded cargo facilities. Cargo capacity is planned to reach over three million tonnes annually, while passenger capacity will grow to 70 million annually.
‘Cargolux China’ is the youngest addition to the Cargolux Group which currently operates 25 747-freighters, including 4 operating for Cargolux Italia.