Air Lease Corp. signed long-term lease agreements for 29 aircraft with Asian airlines.

China Eastern Airlines will lease 10 new Airbus A320-200s and five new Boeing 737-800s, for delivery in 2012 and 2013, in a transaction valued at approximately $ 700 million. It will also acquire from CEA three 767-300ERs, two under lease with MIAT Mongolian, for delivery in May and November 2011, and one to Orient Thai Airlines for delivery in August 2011.

The lessor also signed a long-term lease agreement with China Southern Airlines for two new A320-200s for delivery in November and December, and a 12-year agreement with Air China for two new A330-200s for delivery in July and October.

It entered into an eight-year lease agreement with Asiana Airlines for two new A321-200s for delivery in May and November 2012, and a 10-year agreement for one new A330-300 for delivery in July 2012, as well as a 12-year agreement with Garuda Indonesia for three new 737-800s for delivery in November 2013, December 2013 and September 2014. It will also lease two used 767-300ERs to be delivered in May and November this year, and one new 737-800 for delivery in May 2014, to MIAT Mongolian Airlines.

“Airlines in the Asia-Pacific region have been working closely with ALC management to develop long-term jet aircraft leasing programs to cover both growth and replacement requirements,” said ALC Chairman and CEO Steven Udvar-Hazy.