(Yicai) Sept. 12 -- China Development Bank Financial Leasing announced an order for 80 Airbus A320neo aircraft to upgrade its fleet with more fuel-efficient planes.

CDB Financial Leasing and its Dublin-based unit CDB Aviation Lease Finance DAC inked the purchase deal with Airbus yesterday, the Shenzhen-based company said in an exchange filing today. Deliveries are expected between 2030 and 2032, it added.

The move will help "optimize the fleet structure and increase the proportion of next-generation aircraft with advanced technologies, high fuel efficiency and wide market penetration," CDB Financial Leasing noted, without disclosing the cost.

The announcement is the latest by a Chinese aircraft owner to expand and modernize its fleet, particularly in preparation for the expected growth in air travel demand in China and globally in the coming decade. It also reflects the competitive pressure on leasing firms to offer airlines more fuel-efficient and advanced aircraft, in line with the shift to greener flying.

CDB Financial Leasing was the Chinese mainland’s first listed financial leasing firm. Its shares [HKG: 1606] added 0.9 percent to HKD1.15 (15 US cents) in Hong Kong today, after earlier climbing by as much as 3.5 percent.

The firm’s airplane leasing business covers 66 lessees in 35 countries and regions, according to its website. It owns 293 aircraft and has 87 more ordered as of the end of last year, with most of its planes used for operating leases, with a weighted average term of just over five years.

Editor: Martin Kadiev