Changi buys stake in Nanjing airport
By Chen Liying (Shanghai Daily)Updated: 2007-02-02 15:59 Singapore's Changi Airports International made its first investment in China after it bought a 29 percent stake in Nanjing Lukou International Airport, Changi said in a statement.
The Singaporean firm paid US$138 million for the stake in the airport in Nanjing, capital of Jiangsu Province.
"We consider this investment to be a milestone in the aviation industry because it represents the first private-equity investment deal in a Chinese airport by a foreign airport," Chow Kok Fong, Chief Executive Officer of Changi Airports International, said in a statement.
The 10-year-old Nanjing airport handled 6.27 million passengers last year, up 16.4 percent from 2005.
It is China's fifth largest cargo airport and 15th biggest passenger airport.
Changi will also introduce best practices to help develop it into an even
better airport, the Singaporean firm said in the statement.
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