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China Eastern Airlines Acquires Great Wall Airlines

SHANGHAI, June 20 -- The Shanghai-based China Eastern Airlines has recently announced the acquisition of the Great Wall Airlines.

The Great Wall Airlines was launched by the China Civil Aviation College in 1992 in Chongqing, located in southwest China. It moved to Ningbo, a port city of Zhejiang Province in east China in 1997.

The company owns assets worth 400 million yuan, including three Boeing 737-200 airplanes, according to the auditor's report. Its net asset is put at about 200 million yuan.

Under an agreement between the two sides, the acquisition will be paid in installments.

Eastern Airlines is also expected to merge with the China Northwest Airlines and ally with the Yunnan Airlines, if a restructure plan of the General Administration of Civil Aviation goes ahead.

-- source: Xinhua News Agency

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