LITTLE-KNOWN Hongkong-registered Sunbase International, together with state departments in China, plans to set up an aircraft purchasing syndicate in the mainland.
It will be the first company to arrange aircraft loans in China and the first foreign joint venture to provide a syndication service. At present, the airline and financial sectors there have yet to be opened to foreign investment.
Mr Gunter Gao, chairman and president of Sunbase, said the syndication firm would start operating in August or September.
However, he declined to provide details.
''The project is being finalised,'' he said. ''It's not a good time to disclose too much information.'' It is understood the mainland partners - the State Planning Commission, China Aerospace Supply Corporation (which controls the import of all aircraft into China), Bank of China and People's Construction Bank of China - will be the majority shareholders, while Sunbase will have more than a 25 per cent stake.
The syndication firm will open offices in Beijing and Hongkong.