Kunming's new international airport – which upon completion is projected to be China's fourth largest airport – is in search of foreign investment of US$400 million to fund its development, according to a China Knowledge article published on Monday. Restrictions on foreign investment in China's airports were recently relaxed from a limit of 35 percent to 49 percent.

The report stated that Macquarie, Goldman Sachs and Singapore's Changi Airport had expressed interest in investing in Kunming's new airport, which is expected to greatly increase the city's access to international destinations via direct flights to Europe, Australia, the Americas and elsewhere in Asia. The airport will be developed by Yunnan Airport Group.

The new airport's first two runways are scheduled for completion sometime next year and will be able to handle 25 million passengers yearly, compared to the current capacity of 20 million at Kunming Wujiaba International Airport, which will reportedly remain operational until 2010.

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Tags: air travel, Changi Airport, Goldman Sachs, Kunming Wujiaba Airport, Macquarie, new airport, travel, Yunnan Airport Group