GE joins Guangdong airport group to build and manage new airport

GE Commercial Aviation Services (GE.NYSE) has become a strategic investor in a planned $537.63 million (RMB3.7 billion) airport in Chaoshan, Guangdong province, to be built by the Guangdong Provincial Airport Management Group, vice president Chen Xiaoning told China Business News. The group is also known as Guangzhou Baiyun International Airport. The two sides will co-build and co-manage the airport and will also offer managerial support to existing Shantou airport. “We chose GE for its capital as well as its managerial experience and quality control system that it has developed from investing in many airports worldwide,” Chen said. The new airport, which will kick off construction in the second half of the year, is expected to handle 5 million passengers by 2015 and 8 million by 2020.