Chinese group buys American International Group aircraft firm for up to $4.8 billion

American International Group Inc (AIG.N) will sell nearly all of aircraft leasing business ILFC (ILFC.N) to a Chinese consortium for up to $4.8 billion, in a deal that gives the fastest growing aviation market easier and cheaper access to planes.

But the sale is at a far cheaper price than AIG sought and will lead to a substantial loss, the insurer's price for getting out of its last major non-core asset following the U.S. government bailout of the company in the financial crisis.

http://www.reuters.com/article/2012/12/10/us-aig-ilfc-idUSBRE8B900J20121210