Cross-jurisdictional Hogan Lovells team advises China Development Bank on award winning aircraft deal

A combined team from Hogan Lovells' Singapore and Beijing offices advised China Development Bank ("CDB") in connection with its US$270m loan to the Chinese aircraft lessor, Comsys (Tianjin) Leasing ("Comsys"). The loan was utilised to facilitate a series of transactions involving Comsys (as arranger), Veling (a UK and Mauritius-based aircraft lessor) and Emirates (lessee) and relating to the acquisition of an A380 aircraft by Comsys ultimately leased to and operated by Emirates.

The deal, which won the award for " Best cross-border airline or lessor financing by a Chinese financier" at the inaugural Airfinance Journal China Awards, involved a number of 'firsts' for the transaction parties; it is the first A380 deal which a privately-owned Chinese leasing company (Comsys) has closed with Emirates and also the first deal between CDB, Veling and Emirates through Comsys.  The deal enabled CDB to access a new market using Comsys as a vehicle while enabling Veling and Emirates to access Chinese financing.

Commenting, lead Partner Matthew Leigh said: " We were delighted to advise CDB on this ground-breaking matter which deal sets an exciting precedent for further aircraft finance transactions involving Chinese lessors working together with European investors and lessors. It's recognition by  the Airfinance Journal China Awards demonstrates that it is a stand out deal in terms of its size, complexity and new market standard". 

The cross-border Hogan Lovells team was led by Matthew Leigh (Partner, Singapore) and Jun Wei (Office Managing Partner, Beijing) and included Kaveeta Sandhu (Senior Associate, Singapore), Zhi Lim (Associate, Singapore), Vienne Fung (Trainee Solicitor, Hong Kong), Michael Zou (Counsel, Beijing) and Mo Chen (Associate, Beijing).

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