Regional carrier to buy 17 planes

Shanghai Airlines has secured Yn3.5bn in loans from the Bank of China to fund a major expansion of its fleet. An official from the regional airline said that about 17 new planes, most of them from Boeing, would be added to its existing fleet of 23 aircraft. Shanghai Airlines booked a net profit of Yn170m in 2001 and it is in the process of applying for a Yn1bn initial public offering on the Shanghai stock exchange.