Cargolux (CV, Luxembourg) Chief Executive Officer Dirk Reich has told Reuters that he expects plans for the carrier's Cargolux China (Zhengzhou) joint-venture to be finalized before the end of the year with maiden operations to launch in early 2017. The plan will take into consideration a feasibility study which was launched earlier in the year.

According to Reich, Cargolux is currently in talks with Boeing (BOE, Washington National) over the possible purchase of five B747-8(F)s which would be placed with the start-up.

The carrier is a joint-venture between the Luxembourg-based airline and the Zhengzhou-based Henan Civil Aviation Development & Investment Company (HNCA) which already owns a 35% stake in Cargolux.

Previous reports have indicated Cargolux China will be majority-owned by HNCA with 51% while Cargolux will hold 24%. The remaining 25% will be offered to Luxembourg investors.

Cargolux already operates a base in China in Zhengzhou serving Baku Heydar Aliev International, Chicago O'Hare, and Luxembourg.