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October 24, 1985

Dragonair, a fledgling Hong Kong airline that is seeking to gain access to China, announced that shipping magnate Sir Y. K. Pao will take over as chairman.

A statement said that Pao, who has close links with China through investment projects, would inject at least $7.7 million into the airline personally and a further $18 million from other sources.

Dragonair, set up by Peking-backed financial institutions last year, has applied unsuccessfully to the Hong Kong government to make charter flights to several Chinese cities. Its plans have been fiercely resisted by Hong Kong's established airline, Cathay Pacific Airways.

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