The Frankfurt airport operator Fraport is giving up its involvement in China.
The minority stake in the airport in Xi'an will be sold to the company Chang'an Huitong for 1,1 billion yuan (equivalent to around 160 million euros), the airport operator announced in a press release. So far, the Frankfurt-based company has held 24,5 percent of the shares in the airport operator in Xi'an, which Fraport acquired in 2008. "We wanted to expand our position in the most populous country in the world," said CEO Stefan Schulte, according to the announcement. "However, this has not happened in Xi'an or other Chinese airports in recent years." That is why Fraport now wants to end its involvement in the Chinese market. The group wants to complete the sale in the second quarter of this year.