Cathay Group announces investment plans

Cathay Group said it would further strengthen links between China and the world through the investment of HK$150 billion ($19.14 billion) and expansion of its global network of destinations over the next decade as the company celebrates its 80th anniversary.

"Over the past 80 years, Cathay has built an air link connecting China with the world, witnessing and contributing to the ever-deepening economic, trade and cultural exchanges between China and the world," said Ronald Lam, chief executive officer of the travel company during a ceremony celebrating the group's anniversary in Shanghai on August 21.

Since its first flight in 1946, when the aircraft "Betsy" took off from Sydney en route to Shanghai via Hong Kong, Cathy has grown significantly, expanding from air transport into a wider range of business areas, and evolving from a regional airline into an international aviation group with a global network, according to Lam.

"Looking ahead, we will continue to follow our unique positioning of rooted in Hong Kong, backed by the Chinese mainland, connecting the world, focusing on the Chinese mainland market, and playing an even better role as a super connector between China and the world, contributing efficient and smooth connection," Lam said.

Cathay Group stated that HK$150 billion would be invested in its fleet, cabins, lounges and digital innovation in the coming years. In the next decade, the group aims to add 150 new aircraft to its fleet and expand its network to 150 destinations, subject to market conditions.