China Eastern in Yunnan airline venture

China Eastern Airlines will invest 2.38 billion yuan (HK$2.72 billion) for a 65 per cent stake in a Yunnan airline joint venture. The airline, which used to provide a service to Yunnan through a wholly owned subsidiary, decided to invite the local government to become a strategic investor in the operation after a pilots' strike in Yunnan stranded more than 1,000 passengers in April 2008. The Yunnan State-owned Assets Supervision and Administration Commission will take up a 35 per cent stake in the joint venture.