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| China jumbo passenger jet company to take off Sunday |
BEIJING, May 10 (Xinhua) -- China's first jumbo passenger aircraft company will be officially inaugurated in Shanghai on Sunday, the 21st Century Business Herald reported on Saturday.
The company, with a registered capital of 19 billion yuan (2.7 billion U.S. dollars), will be responsible for developing, manufacturing and marketing of the first made-in-China jumbo passenger jet.
The State-owned Assets Supervision and Administration Commission will invest 6 billion yuan, becoming the biggest share holder.
The second largest stake holder, with an investment of 5 billion yuan, is a conglomerate between the Shanghai Municipal Government and the country's top two aircraft producers -- the China Aviation Industry Corporation I (Avic I) and the China Aviation Industry Corporation II (Avic II). Avic I and Avic II will invest 4 billion yuan and 1 billion yuan, respectively.
Other state-owned firms, namely the country's major metal producers, Baosteel and Chinalco, as well as Sinochem Co., will invest 1 billion yuan each.
"19-billion-yuan of capital is not enough for a project cycle," an aviation expert told the newspaper, adding the company should consider absorbing funding from private enterprises and foreign companies.
The establishment of the jumbo passenger plane company was approved in February 2007 by the State Council, China's cabinet. This was to make the country capable of building aircraft with a take-off weight of more than 100 tons, or planes with more than 150 seats.
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