Start-up carrier Jetstar Hong Kong has sold two of its three remaining A320 aircraft to Chinese lessor CMB Financial Leasing for $83m.
Jetstar Hong Kong, a joint venture between Qantas, China Eastern Airlines and Shun Tak, originally had nine A320s in its fleet for its planned launch in January 2014.
But following a lengthy certification and licensing process after resistance from its Asia-Pacific rivals, Jetstar Hong Kong has sold the majority of the fleet to cut costs.
The airline’s parent company Shun Tak said in a statement: “As the establishment of Jetstar Hong Kong is taking longer than initially expected, the sale of aircraft will optimise the fleet plan in the short term.”
It also confirmed the proceeds from the sale will be used to repay debt and add to working capital.