Airbus's China partners said that they would set up a new company to invest in the European aircraft giant's first assembly plant in the country.

Jiangxi Hongdu Aviation Industry Co. Ltd. and Hafei Aviation Industry Co. Ltd. said they would each hold 10 percent of the new venture, which will be capitalized at 300 million yuan ($38 million). The remaining 80 percent will be held by state-owned Chinese aircraft maker AVIC I and an investment arm of the Tianjin Port Free Trade Zone, Jiangxi Hongdu and Hafei added.

The venture will invest an undisclosed amount in the Airbus assembly plant, which will be located in the northern port city of Tianjin, near Beijing.

State media said in October that Airbus, controlled by EADS, would own 51 percent of the plant, which would be capable of assembling up to four planes per month.

Source:佚名