China Southern Airlines orders $10B worth of Boeing 737 jets

HONG KONG -- China's biggest airline said Thursday it's buying more than a hundred Boeing 737 jets in a deal worth about $10 billion that comes just months after the U.S.

See Full Article

plane maker announced plans to build a Chinese finishing plant for the aircraft type.

China Southern Airlines is buying 30 Boeing 737 Next Generation jets and 50 737 Max aircraft, the company said in a statement to the Hong Kong stock exchange. Its Xiamen Airlines unit is buying 30 of Boeing's 737 Max jets.

The Next Generation planes have a list price of $81.2 million while the Max series aircraft sells for $96.1 million.

However, airlines usually negotiate discounts on such deals and the airline said it's paying a "significantly lower" price.

The order comes nearly three months after Boeing Co. signed a deal with state-owned Commercial Aircraft Corporation of China to build its first final assembly plant in China, for 737 aircraft. The company also said at the time that it landed orders for 300 jets from Chinese companies.

Boeing is battling with Airbus to win market share in China, which is forecast to become the world's biggest market for air travel and passenger airplanes thanks to booming demand from China's rising middle class.

The Chicago-based company forecasts the country will need 6,330 new airplanes worth an estimated $950 billion over the next two decades.

The International Air Transport Association, an airline industry group, said last month that China would overtake the United States as the world's top passenger market by 2029.

State-owned China Southern is the country's biggest airline by passengers and fleet size.



Advertisements

Latest Economic News

  • U.S. economy expanded at weakest pace in 3 years in first quarter of 2017

    Economic CTV News
    WASHINGTON -- The U.S. economy turned in the weakest performance in three years in the January-March quarter as consumers sharply slowed their spending. The result fell far short of President Donald Trump's ambitious growth targets and underscores the challenges of accelerating economic expansion. Source
  • Montreal landlord fined after tenants rent out condo illegally

    Economic CTV News
    A Montreal landlord says he’s been fined more than $1,200 because the tenant living in his condo listed the space on Airbnb without his knowledge. Gerry Galiatsatos said his unit came with tenants when he purchased it less than a year ago. Source
  • Swedish cows in a great moooo-d as summer pastures open

    Economic CTV News
    DROTTNINGHOLM, Sweden -- Despite a cold wind and chilling temperatures, spring has come to Sweden. At least, spring for the milk cows. In an annual event that warms hearts across the country, "koslapp" -- the cow release -- has become a popular family outing for urban residents. Source
  • Trump to spend Day 100 in office talking trade

    Economic CTV News
    WASHINGTON -- U.S. President Donald Trump is marking his 100th day in office by talking tough on trade.Trump's first 100: Day-by-day highlights Analysis: We've read all President Trump's tweets, so you don't have to The White House says the president will sign an executive order Saturday that will direct his Commerce Department and the U.S. Source
  • Trump says he's brought 'profound change' to Washington

    Economic CTV News
    WASHINGTON -- U.S. President Donald Trump on Saturday marked his 100th day in office by saying he had brought "profound change" to Washington and reaffirming that "my only allegiance" is to those he governs.Trump's first 100: Day-by-day highlights Analysis: We've read all President Trump's tweets, so you don't have to During an evening trip to Pennsylvania, one of the states that propelled his unlikely election victory, Trump planned to sign an executive order directing the Commerce Department…
  • 'Not for the faint of heart': Why getting a marijuana producer licence is a long shot

    Economic CBC News
    The regulatory gates to Canada's legal marijuana regime are open, but only a crack. Health Canada has received 1,630 applications for licences to grow or sell medical cannabis as of March 31. Only 43 licences have been approved so far, representing just 2.6 per cent of the total applications. Source
  • Trump will zero in on trade agreements during 100th day

    Economic CTV News
    WASHINGTON -- U.S. President Donald Trump will spend his 100th day in office talking tough on trade in one of the states that delivered his unlikely win. The president is expected to sign an executive order Saturday that will direct his Commerce Department and the U.S. Source
  • B.C. leader could drag Canada into unwanted battle with U.S. on softwood: expert

    Economic CTV News
    BURNABY, B.C. -- A vow by British Columbia's Liberal leader to fight American tariffs on softwood lumber may force the federal government to wage an unwanted battle with the United States, an international trade expert says. Source
  • Hacker threatens to release stolen copies of Netflix series

    Economic CTV News
    SAN FRANCISCO -- A hacker claims to have stolen the upcoming season of Netflix's hit series "Orange Is The New Black," and is asking for an unspecified ransom to not release the entire fifth season online. Source
  • Hacker releases stolen copies of Netflix series

    Economic CTV News
    A hacker claims to have followed through on a threat to release several episodes from the upcoming season of Netflix's hit series "Orange Is The New Black." The hacker, which goes by the name The Dark Overlord, announced the move on Twitter early Saturday. Source