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Read more with google mobile : GE unit to buy five Chinese jets with option for 20 more

Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: GE unit to buy five Chinese jets with option for 20 more AFP - 1 hour 56 minutes ago ZHUHAI, China (AFP) - - The aircraft leasing unit of US-based General Electric signed a contract Tuesday with a Chinese aircraft maker for five regional jets with an option to buy 20 more, the two companies said. The contract, signed on the sidelines of Airshow China in the southern Chinese city of Zhuhai, makes GE Commercial Aviation Services the first global lessor to add Chinese-made ARJ21 jets to its fleet, they said. The Commercial Aircraft Corporation of China will start delivery of the ARJ21s -- which stands for Advanced Regional Jet for the 21st Century -- in 2013, according to a statement by the two firms. There was no mention of a price tag for the planes, which can carry between 70 and 110 passengers. But the Guangzhou Daily previously reported the contract would be worth 735 million dollars. "We have firm orders for five ARJs with options to add more to our fleet in the future," Norman Liu, executive vice president of GE Commercial Aviation Services, said in the statement. "The ARJ 21 will help fulfill the growing need within China for fast, efficient regional air travel," he said. The ARJ21 and other jets to be produced by CACC are widely seen as part of a Chinese plan to eventually rival the dominance of aviation giants Airbus and Boeing. However, fulfilling that goal is not expected to occur at least until 2020, CACC chief Jin Zhuanglong was quoted as saying by state media earlier this year. A collection of 19 foreign companies -- including General Electric -- are supplying components to the aircraft, according to state press. Boeing and Airbus are among 600 civil and military manufacturers and parts suppliers from 35 countries at the airshow amid hopes China's growing aviation market could cushion the impact of the global financial crisis on the industry. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Australia slashes interest rate to 5.25 percentAFP - 42 minutes ago China tightens supervision of trade paymentsAFP - 45 minutes ago SKorea's Lee urges exporters to diversify markets amid slowdownAFP - 1 hour 45 minutes ago S.Korea, China agree in principle to currency swapReuters - 1 hour 50 minutes ago Related Articles: Business India to allocate 3G spectrum by end-Jan - govtReuters - 35 minutes ago Fujitsu to buy Siemens stake in PC joint ventureReuters - 36 minutes ago RPT-TOPWRAP 2-Australia cuts rates; world recession gloom buildsReuters - 38 minutes ago Indian rupee pares losses as foreign banks sell dlrsReuters - 40 minutes ago Asian stock markets mixed ahead of US electionAP - 40 minutes ago Enlarge Photo GE unit to buy five Chinese jets with option for 20 more Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Foods to prevent disease? Obama in command on eve of US vote Hamilton pips Massa to Formula One title in tense Brazil finale Formula One driver Hamilton wins 2008 F1 championship Australia anxious as Indonesia prepares to execute Bali bombers View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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