Plans made to build and launch satellite

Hong Kong-listed China Aerospace International Holdings (Casil) plans to build and launch a broadcasting satellite and sell antennae receiver equipment with its parent company China Aerospace Corp in Beijing.

Casil chairman and president Wang Meiyue said after the company's annual general meeting that a joint venture had been set up with the parent company already but the details of the project were still being planned.

Casil and its parent company are the commercial arms of the Ministry of Aerospace Industry.

He said China would seek a foreign partner with experience in satellites to take part in the project.

He refused to disclose the details of the possible foreign party despite reports that the company would form a US$200 joint venture with Deutsche Aerospace.