China Eastern Airline's Yunnan unit flies
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Shanghai Daily, August 3, 2011
China Eastern Airlines's joint venture carrier in Yunnan Province started operations yesterday, with the aim of snaring nearly half of the market in a key and popular travel destination.
The country's second-largest carrier invested 2.38 billion yuan (US$370 million) for a 65 percent stake in China Eastern Yunnan Airlines and the Yunnan provincial government spent 1.28 billion yuan to take the remainder, according to a statement by Shanghai-based China Eastern.
The venture operates 40 airplanes to link more than 70 destinations across the world, grabbing a 45 percent share in Yunnan's aviation market. By 2015, the venture will operate 80 airplanes and fly to 66 domestic destinations and 25 overseas spots.
The Yunnan carrier may fly 17 million passengers annually by 2015, a rise of 19 percent, and carry 162,000 tons of cargo, a 12-percent yearly rise, according to China Eastern.
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