Ireland-based aircraft leasing firm AerCap Holdings has entered an agreement to lease 20 new aircraft to Chinese carrier Loong Air.

With the newly signed leasing deal, Loong Air aims to expand its fleet.

"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.”

Loong Air chairman Liu Qihong said: “After three years of development and accumulation, Loong Air has become part of the Chinese aviation industry’s backbone, with clear strength in its business fundamentals and significant development potential. Hangzhou is accelerating its pace of becoming an international metropolis.

“The Hangzhou airport’s number of passenger throughput has exceeded 30 million during December 2016, making it the fifth largest airport nationwide and one of the busiest in the world. The airport’s plan to expand further provides historical development opportunity for Loong Air, consistent with our aim to become better, bigger and stronger.

“The cooperation with AerCap is supportive of the speedy growth of Loong Air, allowing us to better service the Zhejiang economy.

"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.”

Serving domestic and international routes, as well as cargo services, the airline currently operates a fleet of 22 aircraft.

AerCap currently has a portfolio of 1,566 owned, managed or on order aircraft, providing services to 200 customers worldwide.

Last month, the company delivered the first of 24 Airbus A320neo aircraft on lease to China Southern Airlines.


Image: Deal signing between AerCap and Loong Air. Photo: courtesy of AerCap Holdings.