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It is planned that the joint venture will be based in China's central province of Henan and will build and manage a fleet of narrow-body aircraft worth of up to 900 million US dollars.

"At the moment, China and other thriving economies of Asia serve as the engine of global aviation. With double-digit air traffic growth, local carriers will require thousands of new airplanes over the next 15-20 years." Tadas Goberis, chairman of the management board and CEO at AviaAM Leasing, said in a press release on Tuesday.

"Being one of the world's leading aircraft leasing companies, we are bringing our experience and market expertise to support fleet expansion in the region. In the meantime, our partners at HNCA will provide access to favorable financing terms required for the join venture's fleet development," he said.

There are currently over 20,000 commercial aircraft flying around the world, with over 40% of them operated under leasing agreements, the company said.