Frankfurt Airport owner sells stake in China's Xi'an Airport

BERLIN (AP) - The operator of Frankfurt Airport said Thursday that it is selling its minority stake in China's Xi'an Airport after failing to expand its business in the huge Chinese market.

Fraport AG said it is selling its 24.5% stake in the airport's operating company to Chang'an Huitong Co. Ltd. for 1.11 billion yuan ($175 million).

CEO Stefan Schulte said Xi'an 'œgave us an opportunity to showcase our expertise in airport management,'ť with passenger numbers more than quadrupling to over 40 million per year over the 14 years since Fraport acquired its stake.

'œWe always regarded our minority stake in Xi'an as a starting point for expanding our business in China,'ť Schulte said in a statement.

'œHowever, this never materialized in Xi'an or at any other Chinese airport,'ť he added. 'œConsequently, we have now decided to cease our activities in the Chinese market.'ť

Fraport said the Xi'an operating company, Xi'an Xianyang International Airport Co. Ltd., expects the transaction to be concluded during the second quarter.