China has adopted the Cape Town Treaty, a major boon for aircraft leasing companies needing to repossess aircraft.
The Civil Aviation Administration of China (CAAC) says in a statement yesterday that the country is adopting the Cape Town Treaty with effect from 1 June.
Last October, China's state-run news media disclosed that Chinese lawmakers were working to ratify the treaty.
The Cape Town Treaty creates international standards for registration of ownership, security interests, leases and conditional sales contracts.
It is helpful to aircraft leasing companies because it provides legal remedies, such as aircraft repossession, for default on payments.
Source: Air Transport Intelligence news
