SYDNEY—Air China plans to sell its 51% direct shareholding in Air China Cargo, citing intense competition in the airfreight industry. The buyer is Air China’s parent, the government’s China National Aviation Capital Holding Co. Ltd., which will pay CNY2.4 billion ($350 million) for the stake, Air China said in a stock exchange announcement. The precise timing of the transaction was not stated. A subsidiary of Hong Kong’s Cathay Pacific Airways owns 25% of Air China ...

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