First Tianjin-built A320 Flies as China readies for recovery
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The Straits Times reports that the first A320 aircraft assembled outside Europe at the Airbus Final Assembly Line China (FALC) in ), completed its first flight on May 18, a little more than a month before scheduled first delivery to Dragon Aviation Leasing customer Sichuan Airlines. The milestone flight came amid aggressive moves to spark a recovery of China’s airline industry with direct government funding and loans. Most recently, Hainan Airlines said it plans to issue CNY3 bn (US$440 million) worth of new shares to its two largest shareholders in exchange for state funding. Hainan said it will use CNY2.05 bn of the proceeds to repay bank loans and the remainder to supplement its working capital. China Eastern Airlines, China Southern Airlines and Shanghai Airlines have already received state funding totaling some CNY13 bn.
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