Embraer has issued this statement:

At a signing ceremony witnessed by the Presidents of both nations during Chinese President Xi Jinping’s State visit to Brazil, Embraer S.A. inked a sales agreement for up to 20 E190-E2 with China’s ICBC Financial Leasing Co., Ltd. (ICBC Leasing). The agreement covers ten firm orders and ten purchase rights. The firm orders for the first 10 aircraft will be included in Embraer’s 2014 third quarter backlog.

The E190-E2 is the first model of the E-Jets E2 family to enter into service. The value of the contract is $1.1 billion at list prices if all purchase rights are converted to firm orders. Deliveries are scheduled to begin in 2018.

Established in 2007 as a wholly-owned subsidiary of the Industrial and Commercial Bank of China, one of the world’s largest banks, ICBC Leasing owns and manages a fleet of over 380 aircraft. In June 2012, ICBC Leasing ordered ten Legacy 650 large executive jets with five options as a follow-on to the Memorandum of Understanding it signed in April of that year.