Abstract: Finance leasing is one of the most common methods for Chinese airlines to acquire aircraft. In this article, the contractual rights and obligations of finance lease are analyzed from the case of East Star Air. Airlines, especially the small and medium sized airlines are inclined to use the method of finance lease to acquire aircraft because of the unique functions and nature of the finance lease. However, this kind of transaction also puts airlines in the situation of multiple risks. For the contract can't be cancelled during the long contract period, so the breach of contract sometimes is fatal to airlines.