China Eastern Air (CEA) Holding has sold nearly half of its freight subsidiary to four companies in the country’s first mixed-ownership reform in the aviation sector. CEA Holding, the parent company of China Eastern Airlines, signed the deal for Eastern Air Logistics with Legend Holdings, Global Logistic Properties, Deppon Logistics and Greenland Financial. CEA Holding will keep 45% of the freight unit. Legend Holdings will hold 25%, Global Logistic Properties 10%, and courier firm Deppon and Greenland 5% each. Eastern Air Logistics’ core employees will take the remaining 10%. CEA Holding said CNY4.1 billion of state and non-state capital was invested in the cargo unit, which brought its debt ratio down to 75%, from 87.86% at the end of 2016. “Eastern Air Logistics aims to become a world-class air logistics company on par with FedEx, UPS and DHL,” said Liu Shaoyong, Chairman of CEA Holding. China has been conducting mixed-ownership reforms in debt-ridden state-owned enterprises, including bringing in multiple types of investors to central SOEs, exploring flexible and market-based salary systems, and selling shares to SOE employees, the Shanghai Daily reports.