China Southern Airlines will sell and lease back five A321-200s in order to reduce its high debt ratio, it said in a filing with the Shanghai Stock Exchange. The aircraft are part of an order for 50 Airbus narrowbodies placed in summer 2006 (ATWOnline, July 10, 2006). CZ said it will transfer ownership of three aircraft to China Aircraft Leasing Co. and two to Shenzhen Financial Leasing Co. Last year it struck a similar deal with the two lessors, selling two -200s to CALC and one to SFLC.

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