China Eastern to raise over 15b yuan

China Eastern Airlines, the most indebted of the country's big three airlines, aims to raise at least 15 billion yuan for new planes and training to help it compete with Air China and Cathay Pacific Airways.

"If we can get more, it'll be even better," China Eastern Chairman Li Fenghua said yesterday.

Li plans to reach his target by reviving the sale of a stake to Singapore Airlines, by tapping capital markets and through subsidies from the government, which owns part of the carrier. China Eastern's minority shareholders vetoed a tie-up with Singapore Air in January after the parent of Air China pledged to make a higher offer.