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Shanghai Yigian Trading buys Germany's Frankfurt-Hahn as air cargo base
GERMANY's Rhineland-Palatinate provincial government has sold its 82.5 per cent stake in Frankfurt-Hahn Airport to Shanghai Yigian Trading Company (SYT), a major Chinese construction company.
The deal is in the "low double digit million euro range", said SYT spokesman Zu Tao Chou, reported New York's Air Cargo World.
Mr Chou said Shanghai Yiqian Trading now plans to buy the remaining 17.5 per cent stake held by the German province of Hesse.
After years of struggling to make the former US Army base profitable - with more than US$18.2 million in losses expected this year alone - the Chinese company plans to increase air cargo links to meet demand for German meat and other consumables.
With the economy entering growth phase that Chinese President Xi Jinping has called, "the new normal", the China's firms are looking outward for continued growth, and this week's acquisition is part of a growing portfolio of transportation and logistics assets.
In April, state-backed China Everbright Group acquired partial ownership of Albania's international airport, while China Cosco Shipping Corporation acquired 67 per cent of Greece's Piraeus Port.
Last week China's HNA Group agreed to buy a stake in Virgin Australia, while moving to acquire a stake in Air France-KLM catering unit Servair.
The deal also concluded months of speculation over the identity of the buyer, with some sources naming other suitors such as the Henan Civil Aviation Development and Investment Co (HCNA) as recently as last Friday. Amazon was also regarded as a frontrunner in the bidding.
The deal is in the "low double digit million euro range", said SYT spokesman Zu Tao Chou, reported New York's Air Cargo World.
Mr Chou said Shanghai Yiqian Trading now plans to buy the remaining 17.5 per cent stake held by the German province of Hesse.
After years of struggling to make the former US Army base profitable - with more than US$18.2 million in losses expected this year alone - the Chinese company plans to increase air cargo links to meet demand for German meat and other consumables.
With the economy entering growth phase that Chinese President Xi Jinping has called, "the new normal", the China's firms are looking outward for continued growth, and this week's acquisition is part of a growing portfolio of transportation and logistics assets.
In April, state-backed China Everbright Group acquired partial ownership of Albania's international airport, while China Cosco Shipping Corporation acquired 67 per cent of Greece's Piraeus Port.
Last week China's HNA Group agreed to buy a stake in Virgin Australia, while moving to acquire a stake in Air France-KLM catering unit Servair.
The deal also concluded months of speculation over the identity of the buyer, with some sources naming other suitors such as the Henan Civil Aviation Development and Investment Co (HCNA) as recently as last Friday. Amazon was also regarded as a frontrunner in the bidding.
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