China Buys 300 Planes Worth $37 Billion from Boeing Co

Reuters

Earlier on Thursday, aircraft engine marker General Electric said it had signed deals worth $3.5 billion in China, including an agreement with Juneyao Airlines Co Ltd and ICBC Leasing, the leasing arm of state bank Industrial and Commercial Bank of China Ltd.

Boeing has signed a deal Thursday the will have the airplane maker selling 300 planes worth over $37 billion to the China Aviation Suppliers Holding Company.

The agreement includes orders and commitments for 300 Boeing single-aisle and twin-aisle airplanes. The breakdown between firm orders and non-binding commitments was not immediately available. The agreement was signed in Beijing in the presence of President Donald Trump and Chinese President Xi Jinping, where Boeing's representatives were present as part of the USA mission to China.

Analysts said, however, that some of the orders may be among the more than 300 from undisclosed buyers posted this year and that it was not yet understood how much of the China deal would be entirely new business.

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As of October 24, Boeing reported that they have 334 orders from unidentified customers with 290 of them for 737s.

This past July, the company announced it agreed to purchase 140 Airbus aircraft in a deal that had list prices that totaled $23 billion. The order includes 100 Airbus narrow body models for the A320, and 40 wide body A350s.

China has a component role on every Boeing commercial aircraft model - the 737, 747, 767, 777 and the 787 - and over 9,000 Boeing aircraft fly worldwide with China-built parts and assemblies. Currently, China's aircraft fleets from all its airline companies are split between Boeing and Airbus jets. China is the second largest market for aircrafts in the world, and now that market will mostly be controlled by Boeing.

It also included an order valued at $1.1 billion for 80 LEAP engines made by CFM International, a joint venture between GE and Safran SA (SAF.PA) of France.

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