By Chester Yung

HONG KONG--Aircraft-leasing company BOC Aviation Ltd. (2588.HK) said Wednesday it has agreed to buy five A321-200 planes from Airbus Group SE (AIR.FR), in a move to boost its pipeline of new and fuel-efficient jets.

The Singapore-based company, which is majority controlled by Bank of China Ltd. (3988.HK), said the aircraft carry a list price of about US$574.5 million in total, though customers typically get large discounts on the actual purchase price.

The acquisition will be funded by commercial loans and other debt instruments, the company said, expecting to take delivery of the aircraft in 2017.

Write to Chester Yung at chester.yung@wsj.com

(END) Dow Jones Newswires

August 31, 2016 05:50 ET (09:50 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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