China aircraft lessor ICBC aims to double jet deliveries

[BEIJING] ICBC Financial Leasing Co, China's biggest domestic aircraft lessor, aims to deliver more than 300 planes to customers by the end of 2016, nearly double current levels, a senior executive said.

ICBC's drive into a market still dominated by global players comes as Chinese leasing firms, backed by state lenders, play an increasingly important role in the growing domestic aviation business. Nearly 6,000 new commercial jets, worth US$780 billion, are expected to be delivered over the next 20 years, according to aircraft maker Boeing Co.

"Local companies have been expanding quickly and the growth potential is huge," Mark Jiang, managing director of aviation finance at ICBC Financial, told Reuters. ICBC Financial is backed by Industrial and Commercial Bank of China Ltd, while Bank of China Ltd and other state lenders support other lessors.