Business

GE Commercial Aviation Services plans to invest in a new airport in Guangdong Province which will cost a total of 3.7 billion yuan (US$536 million).

The company signed a letter of intent with Guangdong Airport Management Corp, which controls four airports in Guangdong, to jointly build and manage the Chaoshan airport, the Guangdong firm said on its Website.

Construction of the new project is expected to begin later this year. It will feature a 2,800-meter-long, 45-meter-wide runway and a 50,000-square-meter terminal. The Guangdong company didn’t say how much of a stake GE would hold in the joint venture. “GE Commercial Aviation Services has an advanced service quality management system, and the introduction of the investor is not only for funds but also for its management experience,” said Liu Zijing, president of the company.

Foreign investors have been allowed to hold up to 49-percent stakes in the country’s aviation infrastructure since 2002 to allow for the introduction of advanced technology and management experience.

(Shanghai Daily June 20, 2008)