In this joint venture, Shanghai will pay 51 million Yuan for holding 51% of share and Hong Kong will take the rest of the shares which is 49%, the joint venture was named “Shanghai Hong Kong Airport Management Co. This stake structure would remain unchanged for 20 years from 2010.

Han Zheng, the mayor of the Shanghai municipal government, said Shanghai hoped the cooperation would allow the instruction of a sophisticated service and management experience at Hongqiao Airport, enabling it to develop into a highly competitive airport.

Tang Ying-Yen, chief secretary for Administration of the Hong Kong Special Administrative Region government, said it valued and supported the airport project of the two cities, and he believed both sides could benefit from the platform.

The Shanghai government proposed strengthening the economic ties between Shanghai and Hong Kong in 8 sectors including airport, logistics and the world Expo.

The statement also said Hongqiao Airport was building a new terminal that is scheduled to be completed next year, with that the Hongqiao Airport will be expand to 364,000sqm from 82,000sqm.

The airport aimed at 30 million passengers’ flies and 1 million tons of cargo a year by 2015. in 2008, the airport handled 22.9 million passengers and 415,700 metric tons of cargo.

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