Sinoair, Korean Air in Tianjin airfreight terminal joint venture

SINOTRANS Air Transportation Development Co Ltd, a partly-owned subsidiary of Sinotrans, also known as Sinoair, has announced a plan to establish a joint venture with several Korean companies including Korean Air to develop and operate Tianjin Airport's cargo terminal.

The joint venture has a registered capital of US$14.9 million. Sinoair will invest 20 per cent, or $2.98 million. Some 47 per cent, or $7 million, will be Korean Air's. Hanjin Shipping will invest 10 per cent, or $1.49 million.

The joint venture will offer cargo loading and unloading, bonded warehousing, property and facility leasing as well as ground services. Construction will start early next year and is to be completed towards the end of 2009.

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