Air China Cargo is to take control of four Cathay Pacific B747 freighters this summer under a joint-venture signed today.

The agreement will see an Air China and Cathay Pacific jointly owned cargo airline operate international services from Shanghai and Beijing.

Air China's existing cargo airline, Air China Cargo (ACC), will be the platform for the JV.

Upon completion of the transaction, Air China will hold 51% of ACC, while the Cathay Pacific group will acquire a 25% equity interest and fund an offshore trust, in the form of a loan, to hold the other 24%.