Sunday, 19 November, 2017

Boeing Signs $37B Plane Sale Deal with China

JPMorgan Asia Pacific Chairman and CEO Nicolas Aguzin discusses JPMorgan Asia Pacific Chairman and CEO Nicolas Aguzin discusses
Juana Turner | 12 November, 2017, 01:51

The deal, which was signed in Beijing on November 9, coincided with U.S. president Donald Trump's state visit to China.

China Aviation Supplies Holiday Company, the state-owned firm which does big orders for local airlines, signed the deal during a ceremony today, as part of the USA trade mission to China, and was signed by Kevin McAllister, Boeing commercial airplanes president and chief executive. The breakdown between firm orders and non-binding commitments was not immediately available.

The partnerships were signed in the presence of Trump and Chinese President Xi Jinping, as well as U.S. Commerce Secretary Wilbur Ross and Chinese Vice Premier Wang Yang, GE said in a statement.

Analysts said that part of the order might be amongst the more than 300 planes from buyers who were undisclosed that were posted during the year and that it was not yet known how much of the deal in China was new business.

Therefore, the actual transaction price of this order will likely be much lower than the US$37 billion, the report said.

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. Records show that Boeing has in fact sold 155 aircrafts to China last year, and this year already a quarter of their jet planes have been sold to Chinese customers.

This is not the first time China Aviation Supplies has been involved with large deals during previous government exchanges. According to the catalog price, the order is worth a total value of 245.347 billion yuan (US$37 billion).

The new order is for 40 Boeing 777s and 787s, and 260 737s.

China's owned aircraft fleet is now quite equally split between Boeing and Airbus, but going by orderbook trends, Boeing seems to have gained a big lead in terms of the number of aircraft orders from China, said Corrine Png, chief executive of transport research firm Crucial Perspective.

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