Airbus will hold a controlling stake in its first aircraft assembly plant in China, which is ready to deliver its first batch of A320 planes as early as 2008.

The European aircraft maker will hold 51 percent of the plant, located in the eastern city of Tianjin. Total investment in the plant will initially be 5 billion yuan ($633 million) and will increase to between 8 to 10 billion yuan eventually.

The Tianjin city government will hold a 29 percent stake in the plant, with the reminder shared by Chinese partners including Jiangxi Hongdu Aviation Industry Co. Ltd.

Earlier this year, Airbus, 80 percent owned by Franco-German firm European Aeronautic Defence & Space Co. N.V. , received official blessing to build the Airbus A320 narrow-body aircraft in China, in the hopes that a local plant would give it an edge over rival Boeing .

The plant would have the capacity to produce up to four planes a month.

Source:佚名