Aviation Malaysia's AirAsia drops joint venture plan to set up base in China Updated : August 31, 2018 12:33 PM IST The Malaysian airline had signed a preliminary agreement last year with Chinese state-backed financial firm Everbright Group and Henan province to set up a low-cost aviation base in Zhengzhou. But in a statement on Thursday, AirAsia said the memorandum of understanding with Everbright and Henan government had lapsed and "will not be extended". It did not say why. AirAsia Group CEO Tony Fernandes had last year described the joint venture plan as "the final piece of the AirAsia puzzle". Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.