American International Group to sell ILFC
It has been revealed that American International Group Inc is going to sell majority of ILFC business to a Chinese business group. It is not the first time when Chinese firms have shown interest in aircraft purchase, as China is considered to be the largest ILFC market.
More than 180 planes have been operating there and it holds 35% stake when it comes to market share. It is said that Chinese group will buy the business for approximately $4.8 billion. Paul Sheridan, who is the head of Ascend Advisor said that it would not be wrong to say that deal will be the biggest one in the aircraft leasing sector.
"We believe there are not enough aircraft on order in China at the moment. It will help Chinese airlines get more aircraft", further affirmed Sheridan. If to view the bigger picture, it has been found that all the major plane owners will need more planes in the coming time.
If to talk about EADS and Boeing then they have said that by next 20 years, they will need $4.5 trillion worth jets. In order to solve the problem, China is found to be balancing between the two for their orders.
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