Avolon agrees to buy 75 Boeing aircraft, may order 20 more

HONG KONG: Chinese aircraft leasing company Bohai Capital said on Sunday its Avolon Aerospace Leasing Ltd subsidiary had agreed to buy 55 B737 MAX 8 and 20 B737 MAX 10 aircraft from Boeing and may order an additional 20 M737 MAX 8, with a total list value of around $11 billion.

Bohai's Avolon, part of aviation-to-shipping conglomerate HNA Group, had signed a memorandum of understanding at the Paris Airshow in June for 75 Boeing 737 MAX 8 aircraft and said it was considering Boeing's 737 MAX 10 models.

Bohai Capital said Avolon expected to take delivery of the aircraft between 2021 and 2024.

Avolon was sold to Shenzhen-listed Bohai Capital Holding Co in 2015.

Bohai Capital and other state-backed firms are expanding in the aircraft financing and leasing business as customer airlines open routes at home and abroad.