Cheung Kong in aviation lift-off

Real estate giant hopes to cash in on boom in Asia's travel industry

Hong Kong billionaire Li Ka-shing's Cheung Kong Holdings Ltd has agreed to pay $1.89 billion to buy 35 planes from companies including General Electric Co's aviation services unit to enter the aircraft leasing market.

Cheung Kong will also form a 60-40 venture with Japan's MC Aviation Partners Inc to buy an additional 15 planes for $733.5 million, according to a filing to Hong Kong Stock Exchange on Tuesday.