Air China To Raise Capital To Fund 787 Order

Air China said it aims to raise up to CNY12 billion yuan (USD$1.93 billion) in a private placement of A-shares to help fund aircraft acquisition and upgrade its direct sales service.

The Boeing 787 Dreamliners, worth CNY24 billion yuan at list prices, will fly long-haul routes to North America and Europe, Air China said in a stock exchange submission. Delivery of the aircraft is scheduled to begin from 2016.

Chinese carriers are speeding up their expansion at home and abroad amid rising business travel and a surge in outbound tourism by an increasingly wealthy middle class in coastal and inland cities.