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BOC Aviation
BOC Aviation
BOC Aviation
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BOC Aviation is the successor of the former global aircraft operating leasing company of Singapore Airlines, Singapore Aircraft Leasing Enterprise Pte. Ltd. It is the largest aircraft operating leasing company headquartered in Asia, as measured by the value of owned aircraft, and is listed on the Hong Kong Stock Exchange (SEHK: 2588) with its headquarters in Singapore and offices in Dublin, London, New York and Tianjin.[1]

Key Information

History

[edit]

In 1993, the company was founded as Singapore Aircraft Leasing Enterprise Pte. Ltd. (SALE) by Singapore Airlines and Boullioun Aviation Services, Inc., a U.S.-based aircraft operating leasing company. In 1995 acquired its first aircraft and in 1996 placed the first order with Airbus. In 1997, Temasek Holdings and Government of Singapore Investment Corporation (GIC) invested into the company.

In 2000, the company was reported to be the largest customer of the Airbus' single-aisle aircraft in Asia.[2]

In July 2004, SALE underwent a change in its shareholder structure, following the transfer of the 35.5% stake held by Seattle-based Boullioun Aviation Services to the US lessor's parent company WestLB AG of Germany. The remaining ownership then of SALE was unchanged, with Singapore Airlines holding 35.5%, while GIC and Temasek Holdings each retaining 14.5%.[3]

In 2006, SALE was the largest aircraft leasing company in Asia.[4] In December, the company was acquired by Bank of China for US$965 million[5][6][7] and was named BOC Aviation on 2 July 2007.[8][9]

On 12 May 2016, the company was converted to a public company limited by shares and the company's name was changed to BOC Aviation Limited.

On 1 June 2016, the company was listed on the Main Board of the Stock Exchange of Hong Kong.

Partnership

[edit]

In August 2019, BOC Aviation signed a purchase-and-leaseback agreement with Qatar Airways, the state-owned flag carrier of Qatar, for three new Airbus A350 twin-aisle aircraft to be delivered by the end of the third quarter.[10]

[edit]

References

[edit]
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BOC Aviation

View on Grokipedia
from Grokipedia
BOC Aviation Limited is a global operating leasing company headquartered in and a majority-owned (70%) of the Group, providing aircraft leasing, sales, technical management, and related financing services to airlines and aircraft owners worldwide. Founded in 1993 as Singapore Aircraft Leasing Enterprise Pte. Ltd. by Limited and Boullioun Aviation Services, Inc., the company expanded its shareholder base in 1997 with investments from and the Investment Corporation. It was acquired by in December 2006 and renamed BOC Aviation Pte. Ltd. in 2007, before converting to a limited by shares in May 2016 and listing on the Main Board of the in June 2016 under the ticker 2588.HK. As of September 2025, BOC Aviation manages a portfolio of 812 aircraft and engines, comprising 452 owned, 17 managed, and 343 on order, with total assets valued at $25.6 billion and serving 88 airlines across 46 countries and regions. For the 2024, the company reported a net profit after tax of $924 million and a of 15.3%.

Overview

Company Profile

BOC Aviation is a leading global operating leasing company and a majority-owned of the Group, with approximately 70% ownership held by Bank of China Group Investment Limited. Headquartered in , it serves as the largest aircraft lessor based in , as measured by the value of its owned portfolio. The company provides essential financing solutions to airlines worldwide, enabling fleet expansion and operational efficiency in the competitive aviation sector. The company specializes in the leasing of both new and mid-life commercial aircraft, including operating and finance leases, alongside remarketing services and technical management for aircraft owners and investors. It emphasizes investments in modern, fuel-efficient aircraft models, such as those from and , to support airlines' efforts in fleet modernization and sustainability goals, maintaining an average fleet age of 5.0 years. As of 30 September 2025, BOC Aviation owns and manages a fleet of 459 aircraft leased to 88 airlines operating across 46 countries and regions. This portfolio underscores its global reach and commitment to delivering high-utilization assets, with 100% utilization rate for owned aircraft.

Ownership and Listing

BOC Aviation was originally founded in 1993 as Singapore Aircraft Leasing Enterprise Pte. Ltd., with initial joint ownership split equally between Singapore Airlines Limited and Boullioun Aviation Services. In 1997, Temasek Holdings and the Government of Singapore Investment Corporation (GIC) each acquired a 14.5% stake, broadening the shareholder base alongside the original investors. In December 2006, acquired 100% of the company for US$965 million, transforming it into a wholly-owned and renaming it BOC Aviation Pte. Ltd. This acquisition integrated BOC Aviation into the group, providing strategic financial backing for its aircraft leasing operations. On May 12, 2016, BOC Aviation was converted from a to a limited by shares, changing its name to BOC Aviation Limited. The company subsequently launched its (IPO) and listed on the Main Board of the (HKEX: 2588) on June 1, 2016, raising approximately HK$8.7 billion (US$1.1 billion). The IPO involved offering 207.15 million shares at HK$42 each, with retaining a post-listing. As of November 2025, Group Investment Limited, a of Limited, holds a 70% stake in BOC Aviation, making it the majority . The company's shares trade on the HKEX under the ticker 2588, with a of approximately HK$48.62 billion as of November 11, 2025.

History

Founding and Early Development

BOC Aviation traces its origins to 1993, when it was established as Singapore Aircraft Leasing Enterprise Pte. Ltd. (SALE) in by Singapore Airlines Limited and Boullioun Aviation Services, Inc., as a to capitalize on the growing demand for aircraft leasing in the region. Initially focused on providing leasing solutions primarily to Asian airlines, SALE aimed to support fleet expansion for carriers in a rapidly developing market. The company's early operations gained momentum with its first owned aircraft acquisition in 1995, marking the beginning of its portfolio buildup. In 1996, SALE placed its inaugural order with for 12 A320 aircraft, signaling a strategic emphasis on single-aisle jets suitable for regional routes. This was followed in 1997 by an order for six widebody aircraft, diversifying its offerings to include long-haul capabilities, while the shareholder base expanded with investments from (Private) Limited and Government of Singapore Investment Corporation Private Limited, each acquiring a 14.5% stake. By the early , SALE had solidified its position as an Asian leasing specialist, with operations centered on leasing to airlines across the region to meet surging demand for both narrowbody and . Key milestones included the sale of its first owned in 1998, the launch of its inaugural bond issue in 2000 to fund growth, and the opening of its first overseas office in in 2001 to facilitate international transactions. The portfolio expanded steadily, reaching 50 owned by 2004, reflecting robust early development amid Asia's boom.

Acquisition by Bank of China

In December 2006, Limited announced and completed the acquisition of Aircraft Leasing Enterprise (SALE) for US$965 million, transforming it into a wholly-owned of the bank. This transaction, finalized on , positioned SALE as a standalone operating unit within 's global structure, retaining its headquarters in and leadership under CEO Robert Martin to leverage the bank's extensive resources for accelerated expansion in aircraft leasing and finance. Following the acquisition, the company was renamed BOC Aviation Pte. Ltd. on July 2, 2007, to align with Bank of China's branding while adopting a new and that reflected its integration into the larger financial group. This rebranding emphasized the entity's enhanced position as part of one of the world's largest banks, with assets exceeding US$700 billion and operations in 27 countries, enabling access to Bank of China's robust financing capabilities and international networks to support low-cost funding and broader market opportunities beyond its prior Asia-centric focus. The initial integration yielded tangible benefits, including improved , refined regulatory systems, and optimized business processes, which facilitated talent retention and laid the groundwork for rapid portfolio growth. Post-acquisition, BOC Aviation's fleet expanded significantly from 75 aircraft in service in 2007 to 142 by the end of 2009, driven by new orders and leases that extended its presence into markets such as —bolstered by its existing London office—and emerging opportunities in . This growth was underpinned by Bank of China's global support, which enhanced the company's ability to secure financing and pursue international deals while maintaining its Singapore base as the operational hub.

Expansion and Public Listing

Following its acquisition by the Bank of China, BOC Aviation experienced significant portfolio expansion, growing its fleet from 77 aircraft at the end of 2006 to 226 aircraft by the end of 2013, including 206 owned and 20 managed units. This growth was accompanied by diversification into wide-body aircraft, with the fleet incorporating models such as six Airbus A330-300s, four Boeing 777-300s, and sixteen Boeing 777-300ERs by 2013. The owned fleet had already surpassed 100 aircraft by 2009, reflecting accelerated investments in narrow- and wide-body types to meet rising global demand. To support its international operations, BOC Aviation expanded its office network in the 2010s, establishing subsidiaries in , , and , with further staffing additions announced in 2015 to enhance global presence. In 2017, it opened a New York office, co-located with at 1045 6th Avenue, marking its fourth overseas location and strengthening ties to North American markets. A pivotal milestone came with BOC Aviation's (IPO) on the (HKEX) on June 1, 2016, which raised approximately US$1.1 billion through the issuance of 208,203,000 ordinary shares, comprising 104,101,500 new shares and 104,101,500 sale shares, subject to an over-allotment option. The primary equity proceeds of US$550 million were allocated toward fleet expansion and general corporate purposes. Post-IPO, BOC Aviation's expanded to 343 by the third quarter of 2025, underscoring sustained growth amid market recovery. During the , the company navigated reduced air traffic by maintaining utilization and disciplined cost management, preserving profitability with positive net profits each year, including US$510 million in 2020 despite a decline from pre-pandemic levels. In the early , BOC Aviation faced challenges from the Russia-Ukraine conflict, which resulted in several being stranded in following sanctions and lease terminations. The company pursued legal actions, securing a US$406 million judgment in 2023 against a Russian for defaulted leases and reaching settlements with insurers in 2024 and 2025 over related losses estimated in the hundreds of millions. These efforts helped mitigate impacts on the portfolio, which continued to grow. Complementing this resilience, BOC Aviation has emphasized sustainable by investing in new-generation, low-emission , such as the latest fuel-efficient models delivered since 2023, and achieving 100% carbon neutrality for direct emissions through offsets.

Operations

Business Model

BOC Aviation operates primarily as a global aircraft lessor, focusing on long-term operating of owned to airlines worldwide, while retaining ownership of the assets throughout the lease period. These are typically denominated in US dollars to ensure stability and are structured for durations with an remaining term of approximately 7.8 years, allowing the company to maintain control over the for remarketing or sale at lease end. The company's sourcing strategy involves direct purchases from original equipment manufacturers such as and , guided by , supply dynamics, and input from existing customers to align acquisitions with market needs. This approach supports a committed of 343 as of 30 September 2025, with deliveries scheduled through 2032, enabling BOC Aviation to build a portfolio emphasizing fuel-efficient, latest-technology models. This strategy was exemplified by the company's largest-ever order in March 2025 for 120 , comprising 70 from the and 50 737-8 jets. Revenue is generated mainly through lease rentals, which accounted for 72% of total revenues in 2024, supplemented by income at 8% and gains from sales at 5%, with the remainder from other sources such as management fees. This model benefits from high fleet utilization rates exceeding 99% and collection rates over 100%, reflecting strong lessee compliance. is integral to the business, achieved through a diversified customer base of 88 airlines across 46 countries and regions as of 30 September 2025, which limits exposure to any single lessee to under 11%, and a young fleet with an average age of 5.0 years to mitigate and costs. The USD-denominated structure further hedges against fluctuations, while proactive asset sales and hedging instruments address market and risks. In addition to core leasing, BOC Aviation provides value-added services including aircraft remarketing, having sold over 460 owned or managed since , end-of-lease management such as transitions and repossessions, and technical oversight to optimize asset performance and support partners. The company also manages 17 for third parties as of 30 2025, generating ancillary fees.

Fleet and Portfolio

As of 30 September 2025, BOC Aviation's owned fleet consists of 442 aircraft, achieving 100% utilization across its leased assets. This fleet includes a mix of narrow-body aircraft such as the Airbus A320neo family and Boeing 737 models, alongside wide-body types like the Airbus A350 and Boeing 787, reflecting a strategic emphasis on modern, fuel-efficient platforms. The company's total portfolio encompasses 812 aircraft and engines that are owned, managed, or on order, supporting leases to 88 airlines in 46 countries and regions. Single-aisle aircraft dominate the portfolio, accounting for approximately 70% of the assets and aligning with demand for regional and short-haul growth. The owned fleet maintains a young average age of 5.0 years, with an average remaining lease term of 7.8 years, underscoring BOC Aviation's commitment to a modern and viable asset base. BOC Aviation's order book stands at 343 firm orders, predominantly for fuel-efficient narrow-body models from and , including 70 and 50 Boeing 737-8 jets scheduled for delivery through 2032. In fleet management, the company engages in active remarketing, as evidenced by the sale of 10 owned in the third quarter of 2025, alongside oversight of through selective servicer roles—resigning from obligations for 15 during the period to optimize operations. Diversification across a broad customer base and types further helps mitigate operational risks, such as those associated with performance issues in the industry.

Global Reach and Offices

BOC Aviation maintains its headquarters at 79 Robinson Road, #15-01, 068897, which serves as the company's operational and strategic hub for managing its global aircraft leasing activities. The base facilitates efficient oversight of the portfolio and leverages the city's position as a key finance center in . The company operates a network of key regional offices to support its international footprint. In , offices in , (Suite 202, SOBO Works, Windmill Lane, 2, D02 K156), and , (1 Lothbury, EC2R 7DB), focus on regulatory compliance, tax structuring, and sales activities. For the , the New York office at 1045 Avenue of the , New York, NY 10018, drives expansion and client engagement in the region. In , the office (Towers AB of Block No.5, Binhai Financial Street (West Area), No 51, 3rd Avenue, TEDA, 300457) and a office (Room 1912, 19/F Lee Garden One, ) provide proximity to the parent and support local operations. BOC Aviation's portfolio demonstrates significant geographic diversification, with aircraft leased to 88 airlines across 46 countries and regions worldwide as of 30 September 2025. Approximately 37.2% of the owned fleet is allocated to markets, including 18.0% in Chinese Mainland, , , and , and 19.2% in the broader excluding those areas, underscoring a strong regional emphasis. The account for 37.8% of the portfolio, 15.3%, and and 9.7%, with additional exposure to emerging markets such as and enhancing overall customer diversification and risk mitigation. The company's regional strategies align with its global diversification goals. In the , growth is bolstered by ties to the , including alignment with the , to which 52% of the owned fleet was dedicated as of 31 December 2024. European operations benefit from established infrastructure for and market access, while recent initiatives in the have strengthened leasing commitments in that hemisphere. BOC Aviation employs approximately 204 staff globally as of December 31, 2024, with expertise in , technical , and to support portfolio operations and remarketing. This team enables effective execution of leases and across diverse geographies.

Financial Performance

Key Metrics and Ratings

BOC Aviation maintains strong ratings of A- from both and as of 2025, underscoring its robust , prudent leverage, and resilient in the aircraft leasing sector. These investment-grade ratings, affirmed in the second quarter of 2025, support the company's access to cost-effective debt financing and reflect its ability to navigate market volatility effectively. The net of BOC Aviation's owned fleet reached approximately $22.2 billion as of June 2025, representing a core asset base dominated by modern, fuel-efficient . This valuation highlights the company's focus on high-quality assets, with total assets growing to $25.6 billion over the same period, driven by strategic fleet expansions and lease placements. Operationally, BOC Aviation achieved a 100% fleet utilization rate for its owned aircraft in the first half of 2025, demonstrating strong demand for its portfolio amid global aviation recovery. The average remaining lease term stood at 7.9 years, aligning with initial lease durations typically spanning 8 to 10 years, which provides stable, long-term revenue visibility. Its order book, valued at US$19.8 billion, encompasses 351 committed aircraft set for delivery through 2032, positioning the company for sustained growth in a supply-constrained market. The company has delivered over 30 years of consecutive profitability, reaching 31 years by 2025, with cumulative net profits exceeding US$7.5 billion since inception—including resilience through the , where it reported steady earnings despite industry disruptions. This unbroken track record underscores BOC Aviation's conservative financial management and diversified lessee base. In terms of industry standing, BOC Aviation ranks among the top five global lessors by fleet size in 2025, with 442 owned and a total portfolio of 812 and engines including managed and on-order assets. This positioning, also reflected in top-five status by net of owned , affirms its leadership in the operating lease market.

Revenue and Profitability

BOC Aviation's revenue has shown steady growth since 2016, driven primarily by its core leasing activities, with total revenues reaching $2.46 billion in 2023 and increasing to $2.56 billion in 2024, a 3.9% rise attributable to higher income and gains from aircraft disposals. In the first half of 2025, revenues and other income grew 5.8% to $1.24 billion compared to the prior year period, fueled by fleet expansion that included 24 new aircraft deliveries, enhancing operating lease contributions. The company's revenue composition in 2024 consisted of 72% from operating leases (US$1.85 billion), 8% from finance leases (US$217 million), and 5% from net gains on sales (US$118 million), with the remainder from , fees, and other sources. This structure underscores BOC Aviation's reliance on stable, long-term US dollar-denominated operating leases, which provide predictable cash flows through contracts with a diversified global portfolio, averaging over 10 years in duration. Profitability has benefited from effective management, including controls on depreciation achieved via favorable purchase pricing from manufacturers and disciplined financing strategies that mitigate expenses, which alongside constitute over 85% of total . Net profit after tax trended upward from US$510 million in 2020 to US$924 million in 2024, a record high reflecting a 21% increase from US$764 million in 2023, supported by full recovery of prior impairments and strong aircraft utilization at 100%. However, the first half of 2025 saw net profit decline 26% to US$342 million from US$460 million in the comparable 2024 period, primarily due to the absence of one-time Russia-related write-backs, though core earnings grew 20% excluding such items. The posed significant challenges in 2020-2021, with rent deferrals and concessions granted to lessees contributing to moderated profitability at US$510 million and US$561 million respectively, amid widespread airline groundings. These impacts were offset by a swift post-pandemic recovery, bolstered by committed order books that ensured future revenue visibility and enabled traffic to surpass 2019 levels by 2024. BOC Aviation maintains a consistent post its 2016 IPO, targeting up to 35% of annual net profit after tax for full-year distributions, with payouts demonstrating reliability through economic cycles. For 2024, the total was US$0.4658 per share, equating to 35% of net profit and totaling US$323 million; the 2025 interim was set at US$0.1476 per share, representing 30% of first-half net profit and payable in October 2025.

Major Deals and Partnerships

Significant Lease Agreements

In 2019, BOC Aviation entered into a purchase-and-leaseback agreement with for three new A350-900 aircraft, powered by engines, marking an early significant widebody transaction that strengthened ties with the Middle Eastern carrier. The deal involved BOC Aviation acquiring the aircraft directly from and leasing them back to on long-term operating leases, with deliveries completed by September 2019. By 2025, BOC Aviation deepened its engagement with emerging markets through several key narrowbody lease agreements. In November, the company signed a purchase-and-leaseback deal with India's for three 737-8 aircraft equipped with CFM LEAP-1B engines, scheduled for delivery starting in January 2026 to support the airline's rapid growth in the domestic and regional sectors. Earlier that year, in September, BOC Aviation agreed to lease three A320neo-family aircraft—comprising two A321neo and one A320neo—to Chile's , aiding the low-cost carrier's expansion across with deliveries planned for 2026-2027. Further highlighting its focus on Asia, BOC Aviation concluded a lease agreement in October 2025 with China's Loong Air for three A320neo sourced from its existing order book with , powered by CFM LEAP-1A engines, to bolster the airline's operations in the competitive Chinese market with deliveries by 2027. In June 2025, BOC Aviation expanded its partnership with Colombia's through a long-term for nine A320neo , enabling the flag carrier's fleet modernization and growth in Latin American routes, with up to six structured as finance leases and deliveries commencing in 2027. These 2025 transactions, totaling approximately 18 aircraft across , , , and , underscore BOC Aviation's strategic emphasis on leasing to emerging carriers in high-growth regions such as , , and , reflecting broader industry trends toward efficient narrowbody fleets for regional connectivity.

Strategic Collaborations

BOC Aviation maintains long-term strategic partnerships with leading original equipment manufacturers (OEMs) to secure a robust pipeline of modern, fuel-efficient for its leasing portfolio. In March 2025, the company placed firm orders for 70 , scheduled for delivery through 2032, marking its largest-ever commitment to and enhancing its narrowbody fleet options. Similarly, it ordered 50 737-8 jets in the same month, expanding its 737 MAX portfolio to over 200 , with deliveries extending into the early 2030s. As of September 2025, these commitments contribute to BOC Aviation's of 343 undelivered , valued at approximately US$25 billion, ensuring alignment with airline demands for sustainable, next-generation models. The company's financing strategy is deeply integrated with its parent, (BOC), providing access to competitive, low-cost funding sources that support aircraft acquisitions and leasing activities. BOC Aviation regularly extends and expands unsecured facilities from BOC, such as the 2021 increase to US$3.5 billion with maturity to , enabling efficient capital deployment for fleet growth. This group synergy is exemplified by BOC's direct provision of a RMB 2.9 billion (approximately US$412 million) five-year facility to in October 2025, which bolsters aviation financing ties and indirectly supports BOC Aviation's ecosystem through shared parent resources. BOC Aviation actively participates in industry collaborations to advance sustainable aviation practices, including its status as a strategic partner of the (IATA). As an IATA partner, it supports global programs on safety, efficiency, and environmental goals, with many of its airline customers committing to IATA's net-zero CO2 emissions target by 2050. The company is also a member of the Aviation Working Group (AWG), where it contributes to taskforces addressing environmental, social, and governance (ESG) issues in aviation financing and leasing. Its fleet emphasizes low-emission technologies, with all owned aircraft compatible with up to 50% sustainable (SAF) blends, aligning with industry-wide decarbonization efforts. Technical partnerships with engine providers like CFM International underpin BOC Aviation's supply chain reliability and maintenance capabilities. Since 2007, the company has placed multiple orders for CFM engines, including a US$200 million contract in 2015 for CFM56-5B engines to power 10 Airbus A320ceo aircraft and eight LEAP-1A shipsets in 2022 for A320neo deliveries. These agreements ensure a steady supply of high-efficiency engines for its portfolio, with recent examples including CFM LEAP-1B-powered Boeing 737-8 jets leased to customers in 2025. Additionally, BOC Aviation collaborates with maintenance providers, such as the March 2025 delivery of a refurbished CFM56-5B engine from Jordan Airmotive, optimizing engine lifecycle management. Looking ahead, BOC Aviation is positioning itself for post-2025 growth in aircraft financing through commitments to sustainable technologies and ESG-aligned funding. By the end of 2024, it achieved 80% latest-technology in its owned fleet, surpassing its 75% target for 2025, with the entire dedicated to fuel-efficient models that reduce emissions by up to 20% compared to previous generations. As part of broader Chinese trends, the company engages in sustainable initiatives, including leasing structures that prioritize low-carbon assets, supporting the industry's transition without specific joint ventures announced as of late 2025.

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  60. https://www.bocaviation.com/en/Press-Releases/2025/8/20250901---JetSmart-Lease-agreement
  61. https://www.ch-aviation.com/news/157817-chiles-jetsmart-to-lease-three-a320neo-from-boc-aviation
  62. https://www.bocaviation.com/en/Press-Releases/2025/10/20251028-Loong-Air
  63. https://avitrader.com/2025/10/28/boc-aviation-and-loong-air-sign-lease-deal-for-three-a320neos/
  64. https://www.bocaviation.com/en/Press-Releases/2025/6/20250602---Avianca
  65. https://avitrader.com/2025/06/05/boc-aviation-secures-lease-deal-with-avianca-for-nine-a320neos/
  66. https://www.bocaviation.com/en/Press-Releases/2025/3/20250331---70-NEW-AIRBUS-A320NEO-FAMILY-AIRCRAFT
  67. https://www.bocaviation.com/en/Press-Releases/2025/3/20250331---50-NEW-BOEING-737-8-AIRCRAFT
  68. https://avitrader.com/2025/10/10/boc-aviation-maintains-strong-momentum-in-q3-2025/
  69. https://www.bocaviation.com/en/Press-Releases?page=13&q=Tianjin%2BAirlines
  70. https://businessday.ng/aviation/article/turkish-airlines-secures-landmark-financing-from-bank-of-china/
  71. https://www.iata.org/en/about/sp/partners-directory/boc-aviation-limited/82/
  72. https://www.bocaviation.com/en/Press-Releases/2007/7/BOC-AVIATION-PLACES-ENGINE-ORDER-WITH-CFM-INTERNATIONAL
  73. https://www.geaerospace.com/news/press-releases/joint-ventures/boc-aviation-places-200-million-order-cfm
  74. https://www.bocaviation.com/en/Press-Releases/2022/2/BOC-Aviation-Orders-Eight-CFM-LEAP-1A-Engine-Shipsets
  75. https://avitrader.com/2025/03/11/jordan-airmotive-delivers-cfm56-5b-engine-to-boc-aviation/
  76. https://www.hkexnews.hk/listedco/listconews/sehk/2025/0428/2025042800223.pdf
  77. https://www.ishkaglobal.com/Savi/Article/7548/Chinese-institutions-in-aviation-embrace-sustainable-finance
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