Singapore: Leading international law firm Clifford Chance has advised Dragon Aviation Leasing on the financing and delivery of the first A320 aircraft produced at Airbus’ new assembly facility in Tianjin, China.
The financing for the transaction was provided by The Export-Import Bank of China. The aircraft will be leased by Dragon Aviation Leasing and operated by regional Chinese air carrier, Sichuan Airlines Corporation Limited.
“We are delighted to have worked with Dragon Aviation Leasing on this groundbreaking transaction for Airbus,” said Simon Briscoe, Singapore-based head of Clifford Chance’s Asian asset finance group, who led the team advising Dragon Aviation Leasing.
“This is the first time that an Airbus aircraft has been assembled outside Europe, and has been hailed as a landmark in China-Europe cooperation. We were very pleased to have been part of this historic delivery.”
China’s rapidly developing air market is the second largest in the world, and currently makes up 15 per cent of Airbus’ sales.
The Airbus A320 aircraft was delivered on 23 June 2009 at the Tianjin Final Assembly Line, a joint-venture factory owned by Airbus and a Chinese consortium comprising Tianjin Free Trade Zone and China Aviation Industry Corporation. Clifford Chance’s China offices advised on the establishment of the joint venture in 2007, the first assembly line established by Airbus outside Europe.
Simon was assisted by associate Alan Lee and trainee lawyer Inderveer Hothi. All are based in the firm’s Singapore office.