Commercial Aircraft Corporation of China (COMAC), Friedmann Pacific Asset Management (FPAM) and China Aircraft Leasing (CALC), entered into a tripartite cooperative framework agreement to acquire 60 ARJ21-700 series aircraft (including a confirmed order of 30 ARJ21-700 aircraft and an option to purchase 30 ARJ21 series aircraft) from COMAC.

The list price of the 60 ARJ21-700 series aircraft is approximately $2.3 billion. This is the largest scale of single commercial order of ARJ21-700 aircraft for COMAC since its commercial operations. CALC will act as an aircraft lessor to provide value-added leasing solutions to an Indonesian-based airline, in which FPAM intends to invest, in building a pure ARJ21 fleet.

The first batch of aircraft of this bulk purchase will be delivered in the next one to two years, and the remaining aircraft of the confirmed order will be delivered in succession in the next five years. As such, FPAM’s Indonesian airline is expected to become the first foreign airline which operates solely a fleet of ARJ21-700 aircraft, leading China’s first home-grown passenger jet to enter into the Southeast Asian market.

In addition, COMAC will establish all-rounded services network in Indonesia, providing technical support, on-going maintenance and customer services for the ARJ21 Aircraft.

CALC’s current portfolio consists of 70 current generation Airbus and Boeing aircraft with 103 airbus orders to be delivered and its fleet is expected to expand to 173 aircraft by 2022. Its leasing business has been expanded over Asia and to the major European markets in which customers include top tier airlines and regional operators.