TIANJIN, China--(BUSINESS WIRE)--CDB Aviation Lease Finance DAC (“CDB Aviation”), a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Limited (“CDB Leasing”), today announced the signing of a lease agreement for three Boeing 737-800 aircraft with China's first privately-owned, low-cost carrier Ruili Airlines.
“As Ruili Airlines continues to increase its operational scope, we are very pleased to provide three 737-800 aircraft to help foster the carrier's growth and expansion of its network,” said CDB Aviation President and Chief Executive Officer Peter Chang. “With the completion of this first transaction, we welcome Ruili Airlines as our newest customer in China and we look forward to building a long-term relationship while deepening our cooperation at all levels.”
Founded in 2014, Ruili Airlines is the first local airline in Yunnan Province, China. The carrier is based at Kunming Changshui International Airport and operates a fleet of 14 Boeing 737 aircraft on scheduled passenger flights to destinations covering southern as well as northeastern China.
“Ruili Airlines is delighted to begin a new collaboration with CDB Aviation,” said the airline’s representative. “The three Boeing 737-800s on lease from CDB Aviation will enlarge our fleet and provide the additional capacity needed to meet demand on our expanding air route network.”
About CDB Aviation Lease Finance
CDB Aviation Lease Finance DAC (“CDB Aviation”) is a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Limited (“CDB Leasing”) a 33-year-old Chinese leasing company that is backed mainly by the China Development Bank. China Development Bank is under the direct jurisdiction of the State Council of China and is the world’s largest development finance institution. It is also the largest Chinese bank for foreign investment and financing cooperation, long-term lending and bond issuance, enjoying Chinese sovereign credit rating. www.cdbaviationleasefinance.com
CDB Leasing is the only leasing arm of the China Development Bank and a leading company in China’s leasing industry that has been engaged in aircraft, infrastructure, ship, commercial vehicle and construction machinery leasing and enjoys a Chinese sovereign credit rating. It took an important step in July 2016 to globalize and marketize its business – listing on the Hong Kong Stock Exchange (HKEX STOCK CODE: 1606).