"After friendly and constructive discussions, China GreatWall Industry Corp and Asia Satellite Telecommunication Co Ltd signed a launch reservation agreement on November 14," said Wang Liheng, vice president of China Aerospace Corp, Great Wall's parent company.

"The agreement provides for the reservation of a launchopportunity for the launch of an AsiaSat satellite on a Long March 3B from the Xichang Launch Centre," Wang told a news conference at the 1998 International Aviation and Aerospace Exibition in the southern city of Zhuhai.

He declined to disclose the value of the contract or anyother details relating to the launch.

AsiaSat is 68.95 percent owned by Bowenvale Ltd, whose majorshareholders include Cable & Wireless Plc and China International Trust and Investment Corp.

AsiaSat earns most of itsrevenue leasing satellite capacityto broadcasters and other telecommunications providers in the Asia Pacific region.Long March missiles have become a favoured vehicle forsatellite launches in recent years, in spite of several mishaps, including a disasterous rocket crash in 1996 which killed 4 people and injured 100 others in central Sichuan province.

China said it has increased the reliability of its rockets,and been carrying out successful launches for international customers, including U.S. Satellite telephone firm Iridium.