Germany’s Rhineland-Palatinate interior ministry confirmed that after weeks of speculations, Shanghai's Yiqian Trading Company (SYT) has acquired a 82.5% stake in Frankfurt-Hahn Airport. The transaction's value was not disclosed but it is estimated to be in the "low double-digit million euro range."

The Frankfurt-Hahn Airport is located about 125 kilometers (75 miles) from Frankfurt and employs around 320 people. The facility used to be a US Army airbase before being converted for commercial use in 1993, has annual passenger traffic of nearly 3 million and is mainly used by Irish low-cost airline Ryanair. For years the airport has struggled to bring profit – in 2014, the airport lost 45 million euros, this year it expects to loose another 16 million.

SYT's representative, Zu Tao Chou, said that the company now plans to purchase the remaining 17.5% stake that is held by the German state of Hesse and to transform the airport into a hub for cargo deliveries to meet demand for German meat and other foods that Chinese producers struggle to supply in home country. "When it comes to freight, we expect good business from the transportation of food products to Asia," he said.