Nanshan Group and two partners have filed an application with the Civil Aviation Administration of China (CAAC) to start an airline based in the Shandong province.
The proposed airline, Qingdao Airlines, will have a registered capital of yuan (CNY) 1 billion ($163 million), says the CAAC.
Nanshan will invest CNY550 million and hold a 55% stake in the venture. Partners Qingdao Transportation Development Group and Shandong Airlines will own the remaining 45% stake, with investments of CNY250 million and CNY200 million respectively.
Qingdao Airlines will be based in Qingdao's Liuting International Airport. It plans to operate domestic passenger and cargo services, using either Airbus A320 or Boeing 737 aircraft, the CAAC adds.
Nanshan Group is based in Yantai, Shandong province. Its main business include tourism and real estate development, hotel services and energy. Qingdao Transportation Development and Shandong Airlines are based in the cities of Qingdao and Jinan respectively.