Aircraft leasing business booms at N China port

The aircraft leasing industry at China's largest free trade port in northern Tianjin Municipality has witnessed booming trade with strong business volume and market share, authorities said Tuesday.

The Tianjin Dongjiang Free Trade Port Zone is the base for five headquarters from home and abroad, as well as 242 SPV (special purpose vehicle) companies in the aircraft leasing business, the zone's management committee said.

The zone started operating in 2007 and is China's largest free-trade harbor area.

Since then, aircraft leasing companies registered in the zone have contracted out 246 jets, about 90 percent of the domestic market share, with business worth 10.6 billion U.S. dollars.

The committee said the development of the sector was due to preferential policies in the zone. In August 2012, China announced a pilot scheme in the zone to offer tax rebates on exports of financial leasing companies.