澳门贵宾会娱乐网址 专业航拍摄影、直升机租赁

  Therise of young Chinese aircraft lessors is starting to change the rules of

  thegame in the trillion-dollar business in ways keenly felt by their

  Westerncounterparts, airlines and manufacturers alike.


  Justas Bohai Leasing is completing a landmark deal to take over Irish

  aircraftlessor Avolon Holdings for US$2.6 billion, Awas, another Irish lessor,

  has attractedat least two Chinese bidders, ICBC Leasing and Avic Capital, in a

  new round ofbidding, with market talk swirling that Bohai Leasing could be

  interested too.



  CKHutchison Holdings was interested in buying Awas in an earlier round of

  biddinglast year.


  BohaiLeasing declined to comment on market speculation, while Awas did not

  respondto requests for comment.


  Sourcessaid ICBC and Avic were interested in a full takeover of Awas, a

  top-10 playerwith about 200 planes and whose private equity owner Terra Firma

  and theCanadian Pension Plan Investment Board are seeking to exit.



  Thisis Avic's second bid for Awas, which sold 90 young aircraft to Macquarie

  Groupfor US$4 billion in March.


  Avicwas also the last-minute bidder for Avolon that forced Bohai Leasing to

  raiseits offer, people involved in the matter said.


  Competitionamong Chinese leasing firms eager to acquire established Western

  lessorsfollowing the Avolon deal may drive up Awas' price, analysts say.


  Chineselessors are now racing to master the sophisticated trade of aircraft

  leasingbeyond deal financing as they are faced with aircraft approaching the end

  oftheir first lease term.

  中国飞机租赁公司现在争先恐后想要学习做不只是融资那么简单的飞机资产管理。 许多公司即将面临飞机首期租约到期的问题。

  Theirquick growth in recent years had also spoilt their own clients and

  driven downlease rates, top industry executives said at the China air finance

  developmentsummit in Tianjin last week.


  "Chineselessors are desperately courting aircraft management talent as many

  now have todeal with aircraft coming out of lease contracts for the first time,

  and arecord number of new planes are about to be delivered into China,"

  saidindustry veteran Johnny Lau, who runs his own consultancy, Astro



  LongFei, a deputy director at China Development Bank, said: "In recent deals

  we see aircraft transaction prices are high, and lease rate factors have

  gonedown visibly - from around 10 per cent before to 8 per cent. Also, terms

  havegot a lot harsher for lessors, that is a big change.


  Longsaid that with lessors gradually having to find second homes for their

  planes,"whether they could manage the residual value of their aircraft assets

  asexpected is also going to affect loan risks".


  LiLing, a deputy general manager at Bocom Leasing, said Chinese lessors

  weremoving beyond growing fleet size to growing asset value through

  tradingaircraft portfolios. They were also diversifying their financial channels

  bytapping capital markets.


  Chinesecompanies have toppled the dominance of Western lessors in China since

  theyentered the market in 2007, with special incentives in pilot zones led

  byTianjin fuelling their exponential growth.


  "Chineseairlines now ask foreign lessors to do business with them through

  Chinese[special vehicles] so they save the withholding tax," Lau said. "Thatis

  how mainland lessors have changed the rules of the game for Westernplayers."


  Deliveryof large aircraft orders made after 2011 by Chinese lessors and

  airlines willpeak by 2018.


  Potentialaircraft oversupply in China meant start-up airlines would be able

  to leaseplanes at low prices, Lau said.


  StevenGuo, a vice-president at DVB, said record high airline profits this

  year on lowfuel costs, abundant liquidity brought about by quantitative easing

  measures inthe United States and China, and expectations of an interest rate

  increase inthe US all helped to lower financing costs.


  However,a concentration of deliveries in emerging markets with high

  volatility andcurrency risks posed uncertainties for the global financial

  market, he said.

  但大量飞机的交付集中在具有高货币风险和高波动性的新兴市场,这一点对全球金融市场带来了很大的不确定性,Steven Guo表示。
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