China's Hainan Airlines, which has poured billions of dollars into overseas acquisitions, announced plans Monday to buy 19 Boeing aircraft for $4.2 billion to help meet skyrocketing travel demand by Chinese consumers. The company said in a statement to Shanghai's stock exchange that it would buy 13 Boeing 787-9 passenger jets and six 737-8s, citing the continued "rapid growth" in China's travel market as incomes rise. It plans to issue 15 billion yuan ($2.18 billion) in bonds to help fund the deal.
Chinese airlines have seen booming business in recent years, rushing to expand their fleets and route networks amid growth that the International Air Transport Association (IATA) predicts will take China past the United States to become the world's largest air-travel market by 2024.