China Southern unit to buy five Boeing 737 planes

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Last updated at: (Beijing Time) Thursday, November 27, 2003

China Southern unit to buy five Boeing 737 planes

China Southern Airlines Co. said Thursday its 60%-owned unit, Xiamen Airlines, has agreed to buy five B737-700 airplanes from Boeing Co.

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China Southern Airlines Co. said Thursday its 60%-owned unit, Xiamen Airlines, has agreed to buy five B737-700 airplanes from Boeing Co.

China Southern said the cost of each aircraft wouldn't be more than US$55 million. According to Boeing's price information for 2002, the 737 plane costs between US$47 million and US$55 million.

The five jets will be delivered by the year 2005.

The China-based carrier said the transaction amount would be more than 10% of its 8.89 billion yuan net asset value as of the end of 2002.

Boeing said earlier this month China Aviation Supply Co. had agreed to buy 30 of its 737 jets for about US$1.7 billion, which will be delivered in 2005 and 2006. Those planes will be used for Chinese airlines Air China, Shandong Airlines Co. (Q.AIR), Xiamen Airlines, Hainan Airlines Co. (Q.HAL) and Shenzhen Airlines Co.

(China Daily/Agencies)

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