Chinese leasing company to buy more planes
BOC Aviation, the aircraft leasing unit of Bank of China, has said that it is planning to order more aircraft from Airbus and Boeing this year. According to local media reports, the company’s Chief Executive Officer, Robert Martin, said the company was aiming to boost its aircraft assets from around US$6.6 billion at present to US$7.5-8 billion by the end of 2011.
“We could easily do US$1 billion worth of ‘purchase and lease back’ business this year if the opportunities are available,” China Daily quoted Martin as saying this week. “We want to have a pipeline of aircraft coming into our portfolio and we will engage in some discussions with manufacturers over that issue,” he added.
A US$1 billion increase in BOC Aviation’s aircraft assets would equate to approximately 12 narrow-body planes such as the Airbus A320, or five wide-body jets like the A330.