Cathay Group received the sale and leaseback agreement for the latest Airbus 320neo family aircraft including the transaction of A321neos and A320neos from Avolon scheduled to be delivered in 2026 and 2027.
Cathay Group, a leading Asian airline group is committed to excelling in its connectivity, and with this transaction, the group would receive new means of technology to enhance long-term connectivity at the home hub, Hong Kong. The A320neo family offers 20% fuel savings and reduced CO2 emissions compared to other generations of Airbus A320 aircraft making it more sustainable in nature. The prolonged version of the Airbus A320neo aircraft is the A321neo aircraft type with a capacity of 244 passengers and a 7,400km range.
Paul Geaney, President and Chief Commercial Officer, Avolon stated, “The Cathay Group is a leading airline operator in Asia, and we are very pleased to agree this sale and leaseback transaction with them and look forward to our future partnership. Passenger traffic in and out of Hong Kong has bounced back strongly this year, and these aircraft will help to support the Cathay Group’s fleet strategy and future expansion.”
The Cathay Group is a leading Asian airline company presently connecting with more than 75 passenger and cargo destinations and an additional 160 destinations through codeshare agreements with a fleet of 225 aircraft as of 30 June 2023. The Cathay Group stated their delight in the sale and leaseback transaction with Avolon. This year, travel to and from Hong Kong has increased significantly, and these aircraft will support future fleet development plans for the Cathay Group.
Avolon, a leading global aviation finance company, has a fleet of 101 A320neo family aircraft with a remarkable order book pipeline for an additional 192 of this aircraft type on September 30, 2023.
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This agreement of sale and leaseback would be beneficial for the Cathay Group leading to the upliftment of connectivity in the Asian continent and globally.
