Big carriers dominate first airport slot auction

Seven carriers bagged the rights to nine airport slots at the Guangzhou Baiyun International Airport for three years on Wednesday in China's first airport slot auction.

According to aviation industry sources, the airport slot auction is a precursor to further market opening in China. It is also part of two slot-allocation pilot schemes unveiled by the Civil Aviation Administration of China earlier this month.

Urumqi Air, a subsidiary of Hainan Airlines, China's fourth-largest carrier, offered the highest price of 90.99 million yuan ($14.02 million) of the 550 million yuan auction proceeds.