China's 1st private airline in plane deal

Beijing -- Okay Airways, China's first private airline, signed a lease-to-buy contract for 10 MA60 turboprop aircraft, it was reported Thursday.

The first two of the 60-seat planes, built by China Aviation Industry's subsidiary in Xi'an, are due by the end of the year, the Xinhuanet news service said. Okay said it would use the aircraft to explore feeder-line service markets in Northern and Central China.

The contract, worth $176 million, is the company's first commercial aircraft leasing deal since it was launched at the beginning of the year.

Copyright 2007 by United Press International.