BEIJING, MAY 15: A new low cost Chinese carrier has signed an agreement with Boeing to purchase 50 aircraft worth over $6 billion, the largest ever deal made by a private airline in China.
Jiuyuan Airlines, based in Guangzhou City, China's southern business hub, got approval from the Civil Aviation Administration in February and is expected to begin flights in the second half of this year.
The deal was signed yesterday. The aircraft, including Boeing's 737-800 and 737 MAX, are expected to be in operation by 2020, state-run Xinhua news agency reported.
The budget carrier plans prices as low as 9 yuan ($1.46) to tap a new client source. Guangzhou is the top destination of Chinese migrant workers.
"Boeing has sold more than 1,000 aircraft to China in the past 40 years and will sell another 1,000 in the next 6 to 7 years," said Ian Thomas, President of Boeing China.
"China will need almost 6,000 more planes in the next 20 years worth more than $780 billion," Thomas said.
Jiuyuan Airlines is jointly owned by Shanghai Juneyao Airlines Co Ltd, Elion Resources Group Limited Company, Xinhualian Holding Co Ltd and Juneyao's Ji Guangping with a registered capital of 600 million yuan.
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