The General Administration of Civil Aviation (CAAC) said it has given approval to logistics group Sinotrans Air Transportation Development to set up an air cargo joint venture with three South Korean companies – Korean Air, Hana Capital and Shinhan Capital. The joint venture, Grandstar Cargo International Airlines Co Ltd, will offer, among others, domestic and international cargo services as well as air mail, aircraft leasing, charters, and repair andmaintenance.

Based at Tianjin Binhai Airport in northern China, the joint venture will have registered capital of US$65 million with Sinotrans Air holding 51 percent, Korean Air 25 percent, Hana Capital 13 percent and Shinhan the remainder.