Shenzhen Airport acquires Libo Airport

Shenzhen Airport Co. has signed an agreement with the Qiannan Autonomous Prefecture in Guizhou province for the transfer of shares of Libo Airport. Shenzhen Airport will purchase a 100-percent stake in Libo Airport, located in Libo county, and will take over all its assets and liabilities. After the transfer, Libo Airport will become a whole subsidiary of Shenzhen Airport. The company will expand the airport’s apron and terminal building, establish a four-star hotel, provide services including tourism, logistics, tickets and hotel and open Libo Airport’s international routes. Libo Airport, which kicked off construction in 2003 with a total investment of RMB 396.36 million, is a regional airport for tourism, and is capable of serving aircraft like the Boeing 737. Its trial flight was held this July, and its maiden flight started last September 29. The buy-in at Libo Airport comes after Shenzhen Airport bought a 21-percent stake in Chengdu Shuangliu International Airport. Shenzhen Airport is becoming an airport management group with its strategy of buying stakes in different airports in China.