Ctrip ties up with China Eastern
Print Edition
CTRIP.COM will invest 3 billion yuan (US$463 million) in China Eastern Airlines and they will cooperate in selling air tickets and operating a budget carrier, the partners said yesterday.
Ctrip, China’s biggest online travel agency, has agreed to buy the Shanghai-based carrier’s A shares through a private placement.
Ctrip plans to further raise its stake in China Eastern in the next 12 months following the placement and may be entitled to appoint an observer or a director to the airline’s board of directors, according to an agreement signed by both parties.
China Eastern and Ctrip may work jointly to expand the fleet of China United Airlines, a wholly controlled low-cost carrier under China Eastern, to 80 aircraft by 2020, said Ma Xulun, general manager of China Eastern.
Delta, the world’s third-biggest carrier, said in September that it would buy 465.91 million Hong Kong-listed shares of China Eastern. The shares are worth a 3.55 percent stake in the Shanghai-based airline.
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