租赁公司的兴起正在改变直升机租赁市场的规则，跟着小编了解下。
Therise of young Chinese aircraft lessors is starting to change the rules of
thegame in the trillion-dollar business in ways keenly felt by their
Westerncounterparts, airlines and manufacturers alike.
中国飞机租赁公司的崛起正在悄悄改变这飞机租赁一千亿美元级的产业，这一点他们的国外同行、航空公司和制造商都有强烈的感受。
Justas Bohai Leasing is completing a landmark deal to take over Irish
aircraftlessor Avolon Holdings for US$2.6 billion, Awas, another Irish lessor,
has attractedat least two Chinese bidders, ICBC Leasing and Avic Capital, in a
new round ofbidding, with market talk swirling that Bohai Leasing could be
interested too.
渤海租赁斥资26亿美元对爱尔兰飞机租赁公司Avolon的收购尚在进行中，另一家爱尔兰租赁公司Awas的新一轮竞标也吸引了至少两家中国投资者。
工银租赁和中航资本据报均参与了还在初级阶段的此轮竞标，而业界传闻渤海租赁也有兴趣一举买下Awas。
CKHutchison Holdings was interested in buying Awas in an earlier round of
biddinglast year.
在去年的一轮竞价中，长江实业与中航资本都曾参与竞购Awas。
BohaiLeasing declined to comment on market speculation, while Awas did not
respondto requests for comment.
渤海租赁拒绝回应市场猜测，而Awas也没有对此作出回应。
Sourcessaid ICBC and Avic were interested in a full takeover of Awas, a
top-10 playerwith about 200 planes and whose private equity owner Terra Firma
and theCanadian Pension Plan Investment Board are seeking to exit.
了解竞标情况的人士透露，工银租赁和中航资本都有意全资收购Awas。
Awas是全球排名前十位的飞机租赁公司，拥有200余架机龄较大的飞机，其所有者私募基金泰丰资本和加拿大退休金计划投资委员会正计划退出。
Thisis Avic's second bid for Awas, which sold 90 young aircraft to Macquarie
Groupfor US$4 billion in March.
这是中航资本第二次尝试竞购Awas。Awas今年三月向麦格理集团出售了价值四十亿美元的90架新飞机。
Avicwas also the last-minute bidder for Avolon that forced Bohai Leasing to
raiseits offer, people involved in the matter said.
中航资本也是在渤海对Avolon的收购中最后杀出的竞争者。正是中航资本才迫使本来只计划收购Avolon20%股份的渤海租赁最后提高了出价，进行了100%的收购，相关人士对《南华早报》透露。
Competitionamong Chinese leasing firms eager to acquire established Western
lessorsfollowing the Avolon deal may drive up Awas' price, analysts say.
分析人士称，Avolon被成功收购后，中国飞机租赁公司更加迫切的想要收购成熟的国外租赁公司，这种竞争可能会抬高Awas的市值。
Chineselessors are now racing to master the sophisticated trade of aircraft
leasingbeyond deal financing as they are faced with aircraft approaching the end
oftheir first lease term.
中国飞机租赁公司现在争先恐后想要学习做不只是融资那么简单的飞机资产管理。 许多公司即将面临飞机首期租约到期的问题。
Theirquick growth in recent years had also spoilt their own clients and
driven downlease rates, top industry executives said at the China air finance
developmentsummit in Tianjin last week.
近年来，中国租赁公司快速发展，同业竞争迫使租金下降，同时也“宠坏了”他们的客户，行业龙头企业的高管人员在天津召开的中国航空金融发展（东疆）国际论坛上表示。
"Chineselessors are desperately courting aircraft management talent as many
now have todeal with aircraft coming out of lease contracts for the first time,
and arecord number of new planes are about to be delivered into China,"
saidindustry veteran Johnny Lau, who runs his own consultancy, Astro
Leasing.
“中国租赁公司迫切需要飞机管理人才，许多公司正要第一次面对飞机首期租约到期资产处置的问题，同时，一大批的新飞机马上就要交付国内”，刘浩然，星宇飞机租赁公司总裁说。
LongFei, a deputy director at China Development Bank, said: "In recent deals
we see aircraft transaction prices are high, and lease rate factors have
gonedown visibly - from around 10 per cent before to 8 per cent. Also, terms
havegot a lot harsher for lessors, that is a big change.
国开行评审一局评审四处副处长龙飞说，“从银行的角度来说，近期飞机融资业务有几个特点，第一是飞机交易价格现在偏高，第二是租赁系数明显有一个比较大的下降，以前我们做大概年租金系数一般项目是10%，现在基本上是8%左右。另一个是租赁合同的条款明显对出租人要求比较苛刻，这是一个比较大的变化。”
Longsaid that with lessors gradually having to find second homes for their
planes,"whether they could manage the residual value of their aircraft assets
asexpected is also going to affect loan risks".
龙飞表示随着飞机要退转租，“他们是否能够按照当初做贷款的时候的设想实现残值的回报，对于贷款风险也会有很大的影响”。
LiLing, a deputy general manager at Bocom Leasing, said Chinese lessors
weremoving beyond growing fleet size to growing asset value through
tradingaircraft portfolios. They were also diversifying their financial channels
bytapping capital markets.
交银租赁副总经理李玲表示，中国租赁公司正在从单纯的机队规模增长向通过飞机资产包交易实现资产保值升值转型，同时，通过资本市场丰富自身的融资渠道。
Chinesecompanies have toppled the dominance of Western lessors in China since
theyentered the market in 2007, with special incentives in pilot zones led
byTianjin fuelling their exponential growth.
中国租赁公司在2007年大规模涌现后已经动摇了外国租赁公司曾经在中国市场的垄断地位。借助以天津东疆为首的试点区域的政策功能，他们在中国境内实现了爆炸性增长。
"Chineseairlines now ask foreign lessors to do business with them through
Chinese[special vehicles] so they save the withholding tax," Lau said. "Thatis
how mainland lessors have changed the rules of the game for Westernplayers."
“中国航空公司现在都让外国租赁公司在国内设立特殊项目公司跟他们开展业务，这样他们可以省去预提税。”刘浩然说，“所以中国飞机租赁公司的兴起已经改变了游戏规则”。
Deliveryof large aircraft orders made after 2011 by Chinese lessors and
airlines willpeak by 2018.
2011年左右中国飞机租赁公司和航空公司的下的飞机订单将在2018年达到交付的高峰。
Potentialaircraft oversupply in China meant start-up airlines would be able
to leaseplanes at low prices, Lau said.
刘浩然表示，中国市场潜在的飞行器供给过盛意味着新设的航空公司将能以低价租得飞机。
StevenGuo, a vice-president at DVB, said record high airline profits this
year on lowfuel costs, abundant liquidity brought about by quantitative easing
measures inthe United States and China, and expectations of an interest rate
increase inthe US all helped to lower financing costs.
德国交通信贷银行航空融资副总裁StevenGuo说，今年航油价格的走低，美国和中国的量化宽松政策，对美国加息的预期等因素都有利于降低飞机融资成本。
However,a concentration of deliveries in emerging markets with high
volatility andcurrency risks posed uncertainties for the global financial
market, he said.
但大量飞机的交付集中在具有高货币风险和高波动性的新兴市场，这一点对全球金融市场带来了很大的不确定性，Steven Guo表示。
