Chinas Hafei Aviation set for Airbus joint venture

Chinas Hafei Aviation Industry Co said Wednesday it will set up an aircraft component joint venture with European giant Airbus and three other Chinese firms. The joint venture, based in the north-eastern Chinese city of Harbin, will have a total investment of 350 million dollars, Hafei said in a statement filed with the Shanghai Stock Exchange.
The venture will make components for the A320 aircraft and A350 XWB and will help produce other Airbus aircraft, the statement said. Hafei, its parent Harbin Aircraft Industry Group and two other local firms will hold a combined 80 percent stake in the joint venture while Airbus China will have the remaining 20 percent. China has become an ambitious player in the global aerospace market, hoping to develop an indigenous industry that could produce the nations first large passenger jet in just eight years.