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Wed, Jul 13, 2016

COMAC Gets Its Largest Commercial Order From CALC

Up To 60 ARJ21 Aircraft Set To Fly International Routes

Commercial Aircraft Corporation of China, Limited (“COMAC”), Friedmann Pacific Asset Management Limited (“FPAM”) and China Aircraft Leasing Limited (“CALC”), have entered into a tripartite cooperative framework agreement in relation to acquisition of ARJ21 Aircraft (subject to further negotiation to enter into a formal binding agreement)at the Farnborough International Air Show in United Kingdom.

CALC will acquire 60 ARJ21-700 series aircraft (including a confirmed order of 30 ARJ21-700 aircraft and an option to purchase 30 ARJ21 series aircraft) from COMAC. The list price of the 60 ARJ21-700 series aircraft is approximately US$2.3 billion. This is the largest scale of single commercial order of ARJ21-700 aircraft for COMAC since its commercial operations. CALC will act as an aircraft lessor to provide value-added leasing solutions to an Indonesian-based airline, which FPAM intends to invest in, in building a pure- ARJ21 fleet.
 
The first batch of aircraft of this bulk purchase will be delivered in the next one to two years, and the remaining aircraft of the confirmed order will be delivered in succession in the next five years. As such, FPAM’s Indonesian airline is expected to become the first foreign airline which operates solely a fleet of ARJ21-700 aircraft, leading China’s first home-grown passenger jet to enter into the Southeast Asian market. In addition, COMAC will establish all-rounded services network in Indonesia, providing technical support, on-going maintenance and customer services for the ARJ21 Aircraft.
 
“Friedmann Pacific, CALC and COMAC are here today to sign a cooperative framework agreement with historical significance. It sets to create a positive and long-term impact on the aviation development in Asia Pacific and globally, and on the implementation of the nations’ Belt and Road Initiatives,” Mr. He Dongfeng, General Manager of COMAC, commented while giving a speech during the signing ceremony, “Friedmann Pacific has been focusing on the aviation investment over the years, and has built up a wealth of experience and solid strength in the areas of aircraft leasing, airport investment and operations, aircraft disassembly, and airline operations. CALC is a specialist of aircraft leasing possessing an elite team and global financing capabilities. The three parties share the same industry background, belief in win-win approach and long-term vision. I believe the cooperation will be crowned with success through our joint efforts.”

“All of us at Friedmann Pacific are aviation-passionate, and with our innovators’ DNA, we seek to discover and develop opportunities that will shape the future of aviation in China and beyond," said Mr. Mike Poon, Chairman of FPAM. "We are the first-mover in a number of segments in the aviation industry, and successfully built a globalised value chain of aircraft leasing, airport investment and operation, aircraft disassembly and airline operations. We are deeply honoured to participate in the historic mission of facilitating national aircraft to fly overseas. We would like to express our sincere gratitude towards COMAC, as they have total faith in our vision, at the same time recognising the experiences and unique advantages that we gained in the global aviation value chain. Combined with our efficient business model, it is believed that we could facilitate the success of national aircraft in the international market.”

“This time we come to tentative agreement with COMAC over a large order of 60 ARJ21-700 series aircraft, which fully reflects our confidence in turning the China-made jetliners into a part of CALC’s quality aviation assets," said Ms. Winnie Liu, Deputy CEO and Chief Commercial Officer of CALC. "Diversifying our fleet portfolio, meanwhile, would allow us to provide leasing solutions to airlines with more flexibility, further raising our ability in capturing the huge potential in growing regional aviation marketplace.” Using the Southeast Asian market as an example, after the Association of Southeast Asian Nations opens up their airspace, a lot of the international routes are now within a 2-hour range. Thus, the ARJ21 series provides another reliable option for the operators.

“CALC is in full support of the development of the national aircraft. In 2012, we have already ordered 20 C919 China-made aircraft from COMAC, and this agreement would further consolidate our bilateral strategic partnership," she said. "CALC has been actively pursuing overseas market opportunities, which is consistent with our strategy of sustainable development, as well as in line with the nations’ Belt and Road Initiative. Benefitting from the national policy of export financial support, combined with our existing diversified financing channels, we are able to acquire aviation assets with high potentials at relative low costs.”

(Source: COMAC news release. Image from file)

FMI: www.comac.cc

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