The Cargolux board of directors has approved an investment of $77 million for Cargolux China, a new joint venture Chinese cargo airline based at Zhengzhou, Cargolux’s new hub in China.

The investment represents a 35-percent share in the new airline for Cargolux. Other shareholders in the joint venture are Henan Civil Aviation Development and Investment Co. (HNCA), which will hold 49 percent, Xin Gang Investment & Development Co., Ltd of Zhengzhou Airport Comprehensive Economic Experimental Zone with and the Henan Airport Group Co., Ltd, which holds the remaining eight percent.

HNCA, which is also a 35-percent shareholder in Cargolux, is a state-owned enterprise, concentrating on the development of the civil aviation industry, the construction of the Zhengzhou Airport Economy Zone, promoting the transformation and upgrading of the Central China Economic Zone by actively participating in aviation infrastructure construction and the development of related industries.

Xin Gang Investment & Development Co., Ltd was founded in Zhengzhou in 2012 as a private company engaged in construction projects and is responsible for the development of the airport economic zone. The 160 square-mile Zhengzhou Airport Economy Zone at Zhengzhou International Airport ranks among the largest economic zones in Central China.

Henan Airport Group is the operator of Zhengzhou Xinzheng International Airport, the fastest growing cargo airport in China and designated as one of eight national Category 1 airports in China. The airport’s master plan through 2040 foresees five runways, one of which will be solely dedicated to cargo flights, four passenger terminals and expanded cargo facilities. Cargo capacity is planned to reach over three million tons annually, while passenger capacity will grow to 70 million annually.

Cargolux China will be based at Zhengzhou and is expected to start operations in 2017, focusing on transpacific and intra-Asian routes. Its fleet is planned to grow to five 747 freighters within the first three years of operation. Cargolux China is the youngest addition to the Cargolux Group which currently operates 25 747 freighters, including four operating for Cargolux Italia. With the China joint venture, the Cargolux family will expand its fleet to 30 aircraft by 2017.