emfizz.com November 23, 2017

Boeing's $37bn China deal for 300 planes takes off

10 November 2017, 01:00 | Terri Saunders

President Xi Jinping speaks at the U.S.-China Business Exchange in Beijing

President Xi Jinping speaks at the U.S.-China Business Exchange in Beijing

Boeing and China Aviation Suppliers Holding Company (CASC) today signed an agreement for 300 airplanes during a ceremony in Beijing.

Boeing says one out of every four jetliners now rolling off its assembly lines is being delivered to Chinese customers, suggesting Chinese demand is strong, despite vagueness about how many actual Chinese orders it has won.

China Aviation Supplies leases planes to Chinese airlines.

Boeing has secured a $37bn (£28bn) deal for China to buy 300 of its aircraft as the country looks to cater for rising demand by picking up new planes. However, Reuters reports that it is not clear how many planes will be new business, as the deal may also cover 334 orders from undisclosed customers that purchased aircraft during this year. It was unclear how many were orders that had already been placed and marked as "unidentified" in Boeing's order book.

Separately on Thursday, Boeing said it had received orders for 42 B-737 MAX jets and 10 B-787-9 Dreamliners from CDB Aviation, a unit of China Development Bank Financial Leasing Co.

Boeing and China continue to work on mutually beneficial ways to grow and support the aviation market.

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Aircraft orders contain list prices however buyers are usually given discounts that end up significantly lowering the prices. Air China and China Eastern intend to introduce 167 and 191 aircraft respectively through 2019, while China Southern has plans for nearly 300 more planes by 2020, according to the companies' financial statements.

China Aviation Supplies played prominent roles in deals that were announced during the exchanges of previous governments.

This latest accord follows a 140-aircraft agreement signed with Airbus in July during a state visit to Germany by Xi Jinping.

The latest signing by Boeing in China comes after an order received last month by Singapore Airlines to purchase 39 wide body aircraft from the US based company. An order of $38 billion was placed with the company during Xi's first state visit to the U.S.

Earlier on Thursday, General Electric said it had signed deals worth US$3.5 billion in China. This was one of several deals that were announced during a state visit by U.S. President Donald Trump to Beijing.

GE's power division also signed a partnership agreement with China Datang Group to provide gas- and steam-powered turbines and components, plus services and digital technology for power projects in China.

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