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Fraport AG is the first foreign airport operator to invest in a Chinese airport that is not listed on the stock exchange as the group stated. We are playing a pioneering role in this important area and I think we can certainly be proud of this success,…
Fraport AG is the first foreign airport operator to invest in a Chinese airport that is not listed on the stock exchange as the group stated. We are playing a pioneering role in this important area and I think we can certainly be proud of this success, declared Fraport executive board chairman Dr. Wilhelm Bender.
Bender inked an important international project for the Frankfurt-based airport company in China. Fraport AG is taking a 24.5-percent share in Xi`an Airport located in central China and will take charge of the airport`s operational optimization and commercial development.
Fraport will be investing approximately €50 million in the total project. Approval from the Chinese authorities and completion of the transaction is expected in the third quarter of 2007.
Bender stressed that Fraport is now opening a new chapter of activities in China – Asia`s other booming growth market – following the company`s airport concession contract signed in Delhi, India, last year. He described the company`s participation in Xi`an as a first step and indicated that Fraport intends to expand its activities in the Chinese market.
Xi`an, the capital of Shaanxi Province, has a population of about 7.2 million. It was once China`s first imperial city. The famous silk road begins at Xi`an and the city is especially known for its world-famous two-thousand-year old Terra Cotta Warriors – China`s second-biggest tourist attraction after Peking.
Negotiations for Fraport`s investment in Xi`an started in November 2005. The airport`s previous and exclusive owner, the state-owned China West Airport Group, will retain the majority of shares. Fraport`s second project partner is China National Aviation Corporation (Group) Limited, with whom Fraport has been cooperating on other projects for many years.
Xi`an Airport welcomed about 9.4 million passengers in 2006. For the current year, the airport expects almost 11 million passengers. Built at the beginning of the 1990s, the airport is located about 30 kilometers from the city center.
Xi`an Airport currently has only one runway. However, plans call for adding a second runway and expanding the passenger terminals. Shaanxi Province is a center of the Chinese aerospace industry. Therefore, Xi`an also has gained a reputation as one of China`s leading academic centers.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales. She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
