Published: Sat, November 11, 2017
Markets | By Noel Gibbs

Boeing Inks Deal for 300 Planes with China Aviation Suppliers

Boeing Inks Deal for 300 Planes with China Aviation Suppliers

As part of the USA trade mission to China on the occasion of President Donald Trump's state visit to the country, Boeing and China Aviation Suppliers Holding Company (CASC) have signed an agreement for 300 aircraft with a theoretical list-price value of $37bn.

Boeing received 334 orders that were from unidentified clients as of October 24, with 290 of them for the 737 line of narrow body aircraft.

"China is a valued customer and key partner, and we are proud that Boeing airplanes will be a part of its fleet growth for years to come", said Kevin McAllister, president and CEO of Boeing Commercial Airplanes.

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Boeing signed an agreement on Thursday to sell 300 planes to China Aviation Supplies Holding Company worth $37 billion at list prices - one of a number part of deals announced during U.S. President Donald Trump's state visit to Beijing.

For Chinese deals, Boeing, an United States based aerospace company has had to compete with their immediate rivals, Airbus, the European giants.

Therefore, the actual transaction price of this order will likely be much lower than the US$37 billion, the report said. China is the second largest market for aircrafts in the world, and now that market will mostly be controlled by Boeing.

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The China Aviation Supplies Group Corporation (CNAC) has signed a bulk purchase agreement with Boeing for 300 Boeing aircraft, Caixin reported, citing an official announcement.

Aircraft orders contain list prices however buyers are usually given discounts that end up significantly lowering the prices.

The latest signing by Boeing in China comes after an order received last month by Singapore Airlines to purchase 39 wide body aircraft from the USA based company. Currently, China's aircraft fleets from all its airline companies are split between Boeing and Airbus jets. If this continues, then it can be predicted, the China might over throw USA as the largest aircraft market in the recent years, with an nearly $950 billion commitment for an additional 6330 airplanes.

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