New cargo JV for Air China/Cathay

Air China and Hong Kong's Cathay Pacific Airways will jointly set up China's biggest cargo joint venture in Shanghai in early 2010 as the two carriers aim to tap the surging cargo volumes out of Shanghai Pudong.

Air China will hold 51 per cent and Cathay Pacific will hold the remainder in the joint venture which will see the two carries contributing 10 B747-400 freighters.