Air China, the country's largest international airlines company, plans to sell three billion yuan, or US$362 million, of bonds to finance aircraft purchases, the first corporate debt sale by a Chinese air carrier.

Air China says it is awaiting government approval for a sale of local currency, 10-year bonds to Chinese investors this year.

The airline ordered twenty A330-200 aircraft from Airbus worth nearly 3 billion US dollars in January.

Analyst say the sale opens the way for Chinese airlines to raise funds at less than the cost of bank loans.

(CRI.com March 24, 2005)