Tuesday Jul 01 2008
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China Eastern leases 3 A340 aircraft from ICBC unit
Published: Jul 01, 2008
China Eastern Airlines, the country's third-largest carrier, has inked a RMB 1.3 billion contract to lease three Airbus A340 aircraft from a wholly-owned financial leasing subsidiary of Industrial and Commercial Bank of China Ltd., according to a joint statement by China Eastern and ICBC.
Recently, ICBC Financial Leasing Co. has signed similar agreements with Hainan Airlines and Shenzhen Airlines, said Li Xiaopeng, vice president of ICBC.
In addition, the financial leasing unit is in talks with China Southern Airlines and Air China for more lease deals.
Founded in November 2007, ICBC Financial Leasing Co. Ltd. has a registered capital of RMB 2 billion and total assets of RMB 5 billion. It is engaged in providing several innovative financial services, including lease, rents' transfer and securitization, asset management, and industrial investment consultancy and so on.
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.
Mr. Yang Yuanyuan, former Minister of CAAC , was there at Aviation Expo/China 2007 with us
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