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Report: Shanghai Airlines To Order Five A321s

Will Also Lease Back Four 757s

Shanghai Airlines announced Friday it plans to expand its fleet with five new Airbus A321s.

The International Herald Tribune reports the Shanghai-based airline plans to sell four Boeing 757s in its current fleet to aircraft leasing company Aircastle ltd., and then lease them back. The airline will receive a little more than book value on the 757s (about $66 million) from the sale, which Aircastle will then make up on lease charges.

The move -- which the airline says will leverage use of its assets, according to IHT -- was approved by the company's board this week. As ANN reported, Shanghai took delivery of the last 757 assembled in 2004.

Shanghai Airlines will also receive the A321s at a slight discount off list price of $370 million. Delivery of the new planes is expected to start in 2011.

China is expected to see a nine percent increase in air travel in the next year alone, according to industry estimates. The country is forecast to need over 3,000 new jets within 20 years.

FMI: www.airbus.com, www.aircastle.com, www.shanghai-air.com/

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