Air China (Beijing) has received approval by the CAAC (Civil Aviation Administration of China) to set-up a new subsidiary in Dalian Province in northeast China. The new airline will be called Dalian Airlines (Dalian). Air China will hold 80 percent of Dalian Air, capitalised at $155 million according to this report by Reuters. A unit of the Dalian city government will hold the the remaining 20 percent.
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