By Dai Yan (chinadaily.com.cn)
Updated: 2007-07-02 10:53

Pang Yuliang, an entrepreneur from Central China's Henan Province and chairman of LinkGlobal Logistics Co, said yesterday he would officially acquire the Parchim Airport in northern Germany at a cost of 1 billion yuan (US$130 million) on July 5, making himself the first Chinese to buy a European airport.

Pang and the German unit will go through the takeover procedure in Germany on July 5, according to Pang. He declined to reveal any detail about the purchasing fund source, but noted he had submitted an application to theMinistry of Commercefor theacquisition.

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Pang beat 10 other global competitors, including FedEx, Hamburg Airport and Emirates Airline, in an international tender. According to the deal, LinkGlobal has 100 percent property rights to Parchim Airport located in Schwerin, near Hamburg, and its facilities, as well as permanent ownership of land in an economic cooperation zone affiliated to the airport.

The purchase will help Pang further expand the logistics network of LinkGlobal. It has a network covering more than 200 cities in China and about 90 countries worldwide.

The governments of Henan Province and Zhengzhou City as well as the authority of Zhengzhou Xinzheng International Airport have signed an agreement with Pang's company to set up a Zhengzhou-based aviation logistics company. The company will operate a cargo transport business between China and Germany, and Pang's company will hold a majority stake.