Chinese firm buys Frankfurt-Hahn Airport in Germany

Frankfurt (Germany), June 6: Local government officials in Germany say they're selling the loss-making regional Frankfurt-Hahn Airport outside Frankfurt to a Chinese logistics and construction company.

The dpa news agency reports that the finance ministry in Mainz, capital of the Rhineland-Palatinate region, said on Monday (June 6) it was selling its 82.5 percent stake to Shanghai Yiqian Trading Company for a sum described as in the low two-digit millions of euro.

The neighbouring Hesse region is completing negotiations for the sale of the remaining stake to the same buyer. The airport's main user has been low-cost airline Ryanair. Dpa says that the new owners plan to expand freight activity, which has fallen off, as well as passenger traffic. The facility, about 125 kilometers (75 miles) from Frankfurt, employs around 320 people.

(AP) EMY AJR