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