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First Jumbo Jet Company For China
by Elisha SandersThe first ever jumbo jet passenger carrying flight company from China has just been registered in Shanghai with a capital of 20 billion yuan, or $2.82 billion.
Set up is to begin sometime between next week and May, as the sometimes lengthy process of registration needs to be finalized before production can begin.
The first board meeting is to take place this Friday, with major shareholders to attend. Along with aviation companies, shareholders also include State-run groups such as Assets Supervision, Administration Commission, and the Shanghai government.
All three of the state-owned major metal producers, Baosteel, Chinalco, and Sinochem Co., are to invest 1 billion yuan for a 5 percent stake.
Both of China’s top two aircraft makers, China Aviation Industry Corporation I (AVIC I) and China Aviation Industry Corporation II (AVIC II), are to predominantly invest with production assets they already have. The figures for the shares of AVIC I and AVIC II are as yet unavailable.
Aviation administration of Shanghai director, Jin Xingming, said that the newly established part of the company will be responsible for all project management, design, test flights, sales and after service.
The current time frame for China’s first jumbo jet is 15 years, as according to AVIC I it usually takes between 10 and 20 years of development for such companies to get a plane in the air.
China is expected to put around 60 billion yuan into research and development of their new jumbo planes.
The approval for this endeavor was actually given by the State Council - China’s cabinet - back in 2007, and the major goal is to create an aircraft which has a take-off weight of more than 100 tons, or 150 seats.
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