All Nippon Airways and First Eastern Investment Group today announced the signing of a Memorandum of Agreement to establish the first Japanese low cost airline. The new airline will operate both international and domestic short-haul routes out of Kansai International Airport, Osaka. The new airline will operate independently from ANA.
The new company will be established in the second half of 2010 with Japanese investors holding a 66.7% stake of which ANA will hold a 39% stake and First Eastern will hold the remaining 33.3% stake, the maximum foreign ownership currently allowed for an airline in Japan. The new company’s air transport operations are expected to commence in the second half of 2011.
Shinichiro Ito, President and CEO of ANA, said, “Under our corporate vision of becoming the number one airline group in Asia, ANA has been steadily working to substantially improve its network between Japan and Asia. Regardless of the intense competition in the air transportation industry, we anticipate an increase in passenger traffic demand in East Asia, and came to the conclusion that a low cost carrier would be the right approach to compete effectively in this market. We are pleased to partner with First Eastern and to work together to establish the first low cost carrier in Japan.”
Victor Chu, Chairman and CEO of First Eastern said, “I am delighted to invest alongside ANA to establish the first low cost carrier in Japan, especially as my family has had strong ties with Japan for over 50 years. First Eastern has been pioneering private equity investments from Hong Kong for over twenty years and we are confident that our unique regional expertise and networks will contribute significantly to the success of our new joint venture with ANA.”
Tokyo became the number one Asian destination in TripAdvisor, the globally respected consumer-based travel guide website. Their latest Travelers Choice 2010 chose Tokyo for the number 1 destination in its Top 25 Destinations in Asia for the energetic urban culture, art and design, high-level culinary experience and the exceptional public safety.
This is the second major title for Japan in TripAdvisor’s annual ranking, following Kyoto that was chosen as the number 1 destination in Asia in the same category in 2008. This year’s list also chose Kyoto for the 4th best Asian destination, and the 5th position is taken by Nara, the city that celebrates the historic 1300th anniversary of the foundation of Japan’s first capital this year.
Tokyo continues to add more contents: Marunouchi, an old commercial district that surrounds the historic Tokyo train station, has completed the decade-long redevelopment. The most recent completion includes Brick Square, signified with the recent opening of Mitsubishi Ichigokan Museum in a uniquely renovated 100-year-old brick building, and a state-of-the-art commercial center that showcases the trendiest lifestyle to Tokyoites such as international high-quality dining experiences, Japanese traditional cultural beauty, modern design, fashionable stores and eco-friendly and wellness-conscious comfort.
Marunouchi traffic junctionThe historic Sumida-ward of Tokyo is reaching up to the sky with new construction: Tokyo Sky Tree is emerging in the eastern Tokyo as the city’s new digital broadcast antenna tower, and is scheduled to be completed in 2012. The tower will be the world’s tallest free-standing tower once it is completed at 2,080 feet high, and the top observation deck at 1,476 feet high would look down the entire Tokyo. The new tower has a unique design with changing cross section at different level, and this development also urges the tower’s neighborhoods for redevelopment at the same time for more cultural and commercial destinations.
RSS
Recent Comments Gravatars