China to Inject 20 bln Yuan into its Jumbo Jet Company (Mar 19)
China's first jumbo passenger aircraft company, with a registered capital of 20 billion yuan (about 2.82 billion U.S. dollars), is set to launch in Shanghai. Major shareholders, including the State-owned Assets Supervision and Administration Commission, the Shanghai government, aviation companies and on Mar 21. Each of the three state-owned firms, namely the country's major metal producers, Baosteel and Chinalco, as well as Sinochem Co., will invest 1 billion yuan for a 5 percent stake. China's top two aircraft producers, the China Aviation Industry Corporation I (Avic I) and the China Aviation Industry Corporation II (Avic II), will mainly invest in the form of production assets they now have. The new company will be responsible for project management, design, test flights, sales and after service. China plans to fly its first jumbo plane in 15 years. It usually takes 10 to 20 years of research and development to develop such a company, an Avic I source said. According to the source, China will pump about 60 billion yuan in the research and development of jumbo planes. (Mar 19, Xinhua)
For more reading: http://english.cri.cn/3130/2008/03/19/168@335798.htm
March 20, 2008 11:51 AM
