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Private Chinese airline to slash capital investment by over 90%

Midsize player Juneyao shrinks while well-funded state-owned carriers expand

A Juneyao Air aircraft arrives at Yonago Kitaro airport in western Japan in January. The Shanghai-listed carrier is facing funding challenges, unlike its state-owned rivals. (Photo by Ken Kobayashi)

TOKYO -- Private Chinese carrier Juneyao Airlines is drastically cutting back on its investment plans this year due to the devastating impact of the novel coronavirus on the industry, even as its state-owned peers continue to enjoy adequate funding.

Juneyao, a Shanghai-listed midsize carrier, will spend just $200 million on capital expenditure this year, according to its annual earnings filing made to the stock exchange on Saturday. That is 91% less than the original plan of $2.267 billion, which disclosed a year ago in a similar filing,

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