Shanghai, HK in airport joint venture

SHANGHAI: The operators of the main international airports in Shanghai and Hong Kong said yesterday they agreed to form a joint venture to manage Shanghai Hongqiao International Airport, which mostly handles domestic flights.

Shanghai Airport will pay 51 million yuan for a 51 percent stake in the joint venture, called Shanghai Hong Kong Airport Management Co. Airport Authority Hong Kong agreed to pay 49 million yuan for the remaining 49 percent stake, they said in a joint statement.

The stake structure would remain unchanged for 20 years from 2010.