BEIJING, Sept. 2 -- Yunnan Airport Group Co is seeking strategic investors from both domestic and overseas markets to help finance its airports expansion plan.

    Investors can boost the group's registered capital to hold a maximum 40 percent stake and are required to pay in cash, the airport operator said.

    The capital will be used for a new 18.4 billion yuan (US$2.69 billion) airport in Kunming City, capital of Yunnan, and other airports in the province, it said.

    The state-run Yunnan Airport Group will keep a controlling stake of no less than 51 percent in the new airport. The operator was set up last year with registered capital of 5.77 billion yuan.

    The new airport is a key project of China's 11th Five-Year Plan and is positioned to be an international aviation hub.

    It is expected to handle 38 million passengers and 1.3 million tons of goods by 2010, the statement said.

    Hong Kong Airport Authority, the Australia-based Macquarie Group, operators of Singapore's Changi Airport and Frankfurt Airport have shown interest in the project, according to China Business News.

    China is to invest 450 billion yuan in expanding the number of civil airports to 244 by 2020.

    (Source: Shanghai Daily)