Monday Feb 25 2008
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China Southern to lease Airbus planes
Published: Feb 25, 2008
China Southern Airlines, the country's largest airline by fleet size, has decided to lease a further six Airbus A330 planes instead of buying them.
The airline said that in order to improve its debt structure, it had decided to transfer its right to purchase the six planes to Shenzhen Financial Leasing, and then lease the planes from that company.
The six planes are from an order of ten which China Southern originally placed in September 2005 with Airbus.
Of the other four, China Eastern said it had already leased back two from Shenzhen Leasing, and two from HSBC Holdings.
The aircraft leasing business in China is heating up. In the Chinese airline sector, about 70% of aircraft are leased, and 90% of them are leased through overseas companies. And now, Chinese banks are also looking to get in on the action.
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