Investors quit Chinese cargo airline
23 / 08 / 2010
TAIWANESE investors have pulled out of the Chinese cargo airline, Yangtze River Express, blaming poor results.
Taiwan’s China Airline, Yang Ming Marine Transport and Wan Hai Lines withdrew their respective 25-, 12- and six-per-cent stakes.
“We decided to pull out because of lacklustre performance,” said a China Airlines spokesperson.
Founded in 2002, Yangtze River Express operates 12 freighters, but has struggled to cope with first rising fuel costs and then the global recession.