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Airport Ties
July 18, 2007

Changi forms JV Shenzhen Airport Group
Changi Airports International (CAI) said Wednesday it has formed a strategic joint venture with Shenzhen Airport Group to develop regional airports in China, AFP reported.

The joint venture will identify and invest in medium size Chinese airports with strong growth potential and participate in the management of operations at these facilities, CAI said in a statement.

It said the alliance would give CAI, a subsidiary of the Civil Aviation Authority of Singapore which operates Changi Airport, an additional vehicle to gain access to the booming aviation market in China.

CAI would hold a 49% stake in the joint venture, while Shenzhen Airport Group the remaining 51%. It would be the first joint venture between Shenzhen Airport Group, which owns 54.6% of Shenzhen Airport Co Ltd, and a foreign company. The Shenzhen airport is one of the biggest in China.

Chow Kok Fong, chief executive of CAI, said total air passenger traffic volume in China reached 320 million in 2006 and was expected to grow 15-20% annually over the next decade.

"I like to think the joint venture demonstrates yet again our commitment to the future of China, and, in particular, its aviation sector," Chow said. Apart from the team up with Shenzhen Airport Group, CIA had earlier bought a 29% stake in Nanjing Lukuo International Airport and was involved in the development of the airport management and retail programmes at Chengdu and Qingdao airports. CAI also has business interests in India, Russia and the Middle East. AFP

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