[photopress:airbus_A320.jpg,full,alignright]Zhang Hongbiao, general manager of China Aviation Industry has confirmed that European aircraft manufacturer Airbus will hold a majority 51% stake in the new Tianjin assembly facility. The remaining 49% will be held by an entity called Tianjin Zhongtian Aviation Industry Investment.
The Chinese company’s registered capital of RMB300 million ($39 million) includes RMB180 million from Tianjin Bonded Zone Investment.
The joint-venture aircraft assembly facility will begin operating early in 2009. By 2011 it will be producing four A320 planes a month. Total investment in the project is estimated at around RMB10 billion ($1.3 billion).
Source: China Daily