DHAKA: A property flagship led by Asia’s richest tycoon Li Ka Shing said on Wednesday it plans to buy up to 60 passenger jets in a series of transactions that amount to more than US$2.5 billion.

The Hong Kong businessman made his first major foray into the aviation industry in August by announcing plans to buy into Irish aircraft leasing group AWAS, and the new purchases expand his investments into a field that can yield stable and long-term cash flow, analysts have said.

A filing written by Cheung Kong Holdings for the southern Chinese city’s Stock Exchange late Tuesday said that the plan was to buy the Boeing and Airbus aircraft from GE Capital Aviation Services Ltd, BOC Aviation Pte, Jackson Square Aviation, LLC, and MC Aviation Partners Inc.

The company confirmed Wednesday that the total number of jets was around 60, reports The Straits Times.

BDST: 1826 HRS, NOV 05, 2014