The board of directors at Cargolux has approved a US$77 million investment in Cargolux China, the new Zhengzhou-based joint venture.

The investment will give Cargolux a 35% share in the new all-cargo carrier, which will be based at Zhengzhou Xinzheng International Airport in Henan province, also a hub for Cargolux.

Cargolux is expecting Cargolux China to launch operations in 2017 and to have up to five Boeing 747 freighters within the first three years, predominantly flying routes across the Pacific and within Asia.

Henan Civil Aviation Development and Investment Co., the state-owned enterprise which also has a 35% share in Cargolux, will hold 49% of the new airline. Xin Gang Investment & Development Co., Ltd, a private construction company which developed the Zhengzhou Airport Economy Zone, will hold 8%, while Henan Airport Group Co., Ltd, which operates Zhengzhou Airport, will hold the remaining 8%.

The Cargolux Group operates a fleet of 12 747-400Fs and 13 747-8Fs, including four for its Italian joint venture Cargolux Italia.