AerCap signed a lease agreement for 20 new aircraft with Chinese carrier Loong Air. The signing ceremony took place in Hangzhou between AerCap CEO Aengus Kelly and Loong Air Chairman Liu Qihong. According to AerCap, this agreement represents the largest deal ever signed by a lessor with a Chinese private airline.

“AerCap is delighted to partner with Loong Air by providing twenty aircraft to facilitate their dynamic expansion plans,” Kelly said. “With the growth prospects of Hangzhou and an excellent management team, the future is very bright for Loong Air. We wish the airline every success and look forward to a long and prosperous business relationship.”

“Loong Air is pleased to cooperate with AerCap. The cooperation with AerCap is supportive of the speedy growth of Loong Air, allowing us to better service the Zhejiang economy,” Qihong said. “Following this successful beginning, we will look into further development need of the Hangzhou airport, and the potential to introduce wide-body aircraft for mid-to-long-range international routes. I look forward to entering into more transactions with AerCap that will benefit both parties.”

Loong Air that provides integrated passenger and cargo transportation services from its base at the Hangzhou Xiaoshan airport.

AerCap is an aircraft leasing company with, as of December 31, 2016, 1,566 owned, managed or on order aircraft in its portfolio.