Airbus Lands Deal With China’s Largest Aircraft Leasing Company To Buy Over $10 Billion Worth of Aircraft

China’s largest independent aircraft leasing company has committed to buy 100 additional Airbus A320 short- to medium-range narrow body aircraft, pushing its order tally to 140 of the planes, Airbus said Thursday. Financial details weren't disclosed.

The deal comes as Airbus and its chief global competitor Boeing aggressively vie for business in China, the world’s fastest-growing aviation market. By 2033, China is expected to need about 6,000 new aircraft -- mostly single-aisle planes like the A320 and Boeing’s 737 -- with a market value of $870 billion, Boeing said.

China Aircraft Leasing Group Holdings Ltd. agreed to purchase 74 A320neo aircraft, the newest and most fuel efficient of the A320 family of planes, 16 A320 conventional planes and 10 A321s. According to prices listed on the Airbus website, the total value of these planes is $10.3 billion. The A320neo had its maiden flight in September. As of Oct. 31, Airbus had 512 orders for the $103 million aircraft.

The Hong Kong-based company, known as CALC, leases commercial aircraft worldwide. On Tuesday, the company announced delivery of the first of four A320s to Chengdu Airlines Company Ltd., which serves the Chinese domestic market.

Airbus shares were trading up 1.3 percent to 48.44 euros ($60.63) in late-day trading in Paris on Thursday.