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The airline will first sell the three aircraft to the leasing firm for 1.29 bln yuan, and then will lease the aircraft back for six years at 20 mln yuan per aircraft per quarter.
The deal creates a new financing channel for the company, and help it improve the allocation and use of its fixed assets, while enhancing cash flow, the airline said in a statement filed with the Shanghai Stock Exchange.
ICBC Financing Leasing, established in Tianjin in November with registered capital of 2 bln yuan, focuses on aviation, shipping and other large-equipment leasing services.
(1 usd = 6.85 yuan)
zachary.wei@xfn.com
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