C919. Courtesy, COMAC

The Commercial Aircraft Corp. of China (COMAC) has launched an aircraft finance lease company with Pudong Development Bank and Shanghai International Group.

The new JV has a registered capital of CNY2.7 billion ($426 million). Pudong Development Bank is the controlling stakeholder with a 66.67% stake, COMAC holds 22.22% stake and Shanghai International Group holds 11.11% ownership.

Industry analysts say the new venture is expected to pave the way for COMAC to sell its C919 as the Chinese manufacturer explores the fast-growing domestic aircraft leasing market.

The C919 has won some orders from domestic banks’ finance lease companies. Last year the Industrial & Commercial Bank of China (ICBC Leasing) placed a firm order for 45 C919s (ATW Daily News, Oct. 21, 2011) and the Bank of Communications Financial Leasing Co. ordered 30 C919s (ATW Daily News, Nov. 24, 2011).