Air China to buy 18 Airbus A320neo jets from GECAS subsidiary

Air China will buy 18 Airbus A320neo jets from AFS Investments Inc, a subsidiary of aircraft lessor GECAS, the airline said on Thursday, in a boost to Airbus as it competes with Boeing for Chinese market share.

Air China said the order was worth $2.24 billion, based on list prices and deliveries of the narrow-body aircraft were expected to be completed by 2022.

The airline said it believed the new jets would make it more competitive in a domestic market recovering fast from the coronavirus pandemic and that low financing costs and a favourable exchange rate had helped with the deal.