Singapore’s Changi Airports International said it has bought a 29 percent stake in China’s Nanjing Lukou International Airport for US$138 million ¨C launching what is expected to be another bumper year for airport sales and privatisations.

Changi Airports International CEO Chow Kok Fong, said in a statement: "This represents the first private-equity investment deal in a Chinese airport by another foreign airport."

Changi last year signed an agreement to manage the New Terminal 1 of Sheremetyevo Airport in Moscow under a joint venture with the Sheremetyevo Airport Joint Stock Company and in December reached agreement to manage the existing Abu Dhabi International Airport.

¨C John Spiers