Spring Airlines gets credit to buy jets
Print Edition
SPRING Airlines yesterday secured a 5 billion yuan (US$801 million) credit line — its second — from China Development Bank.
The money will mainly be used to buy over 10 Airbus A320 aircraft to expand the airline’s current fleet of 49 planes, said Wang Zhenghua, chairman of the carrier. The airline plans to have a fleet of 100 A320 planes by 2018.
China Development Bank, a government-funded policy lender, will provide all kinds of financial services to the carrier, according to Zhu Xuesong, vice president of the bank’s Shanghai branch.
The airline signed an agreement with the bank in 2012 for a US$300 million loan to buy aircraft in their first collaboration.
The newly formed Spring Financial Leasing, wholly controlled by the airline, yesterday received its first A320 passenger aircraft from Airbus.
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