Ruili Airlines teams up with major leasing firms to make record Boeing purchase
Ruili Airlines, in conjunction with CATIC International Leasing and Mingsheng Financial Leasing, will purchase 60 Boeing 737Max aircraft.
Yunan-based Ruili Airlines, in conjunction with CATIC International Leasing and Mingsheng Financial Leasing, has signed an agreement to purchase 60 Boeing 737Max aircraft for more than RMB38 billion (approx: US$6.1 billion).
This is the largest order placed by a privately owned Chinese airline since 9 Air bought 50 planes from Boeing last year, and the planes on order are all new generation 737Max series, whereas 9 Air mixed in 737-800 model in its order.
Ruili Airlines leverages leasing to build its fleet
CATIC International Leasing, a subsidiary of Aviation Industry Corporation of China (AVIC) and a top financial leasing company in China, has received delivery of 167 aircraft so far and has the largest fleets for regional charter aircraft and domestically manufactured aircraft for leasing.
Mingsheng Financial Leasing is also a top financial leasing company is China with a market position in large-scale specialized aircraft, and ship and heavy construction equipment leasing. It turns over RMB140 billion (approx: US$22.54 billion) in leasing and manages a fleet of 230 aircraft.
“Using financial leasing or operational leasing is commonplace in the international airlines industry. CATIC and Mingsheng are internationally licensed leasers and our strategic partners. We will use leasing for a part or all of this purchase order with Boeing,” a Ruili Airlines spokesperson said.
Ruili Airlines was set up by a top 100 Yunan company - Yunnan Jingcheng Group. After one year of operation, it has a fleet of five planes and operates 11 air routes. It plans to have seven planes by the end of 2015 and 56 planes by the end of 2025.(Translation by David)