China’s Comac wins 100 orders for new jetliner

China pegged to be the world’s fastest-growing aircraft market

By Christopher Hinton, MarketWatch
NEW YORK (MarketWatch) — The Commercial Aircraft Corporation of China Ltd., or Comac, said Tuesday that it won 100 orders for its single-aisle jetliner still in development.

China’s nascent commercial-aircraft manufacturer said the orders came from five domestic airlines and leasing companies and from GE Capital Aviation Services, whose parent company, General Electric Co. /quotes/comstock/13*!ge/quotes/nls/ge (GE 15.86, -0.34, -2.10%) , is providing the aircraft engines along with France’s Safran.

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The value of the orders was not provided.

Comac, which was founded two years ago, is China’s first aerospace company.

Beijing is betting that state-owned Comac will make the country less dependent on foreign manufacturers and eventually challenge the global duopoly held by Boeing Co. /quotes/comstock/13*!ba/quotes/nls/ba (BA 62.78, -0.83, -1.30%) and Airbus, a unit of the European Aeronautic Defence & Space Co. /quotes/comstock/24s!e:ead (FR:EAD 17.25, +0.06, +0.32%) /quotes/comstock/11i!eadsy (EADSY 23.10, -1.37, -5.60%) .

China is pegged to become the world’s fastest-growing market for commercial aircraft as the country plans to add about 100 new airports over the next decade.

Last week, Boeing raised its 20-year forecast for Chinese new-plane demand to 4,330 airplanes worth $480 billion, from 3,770 planes worth $400 billion.

Currently, the Chinese fleet includes more than 1,500 airplanes.

Comac said a draft design of its single-aisle C919 jet should be completed by the end of the year with a maiden flight in 2014. The jet’s first delivery is scheduled for 2016.

Comac said Tuesday that it struck purchase deals with Air China, China Southern Airlines, China Eastern Airlines, Hainan Airlines, China Development Bank Leasing and GE Capital Aviation Services.

Christopher Hinton is a reporter for MarketWatch based in New York.

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