HONG KONG (Reuters) - Aircraft lessor BOC Aviation Ltd <2588.HK> said on Monday it would buy five new planes from Air China <601111.SS>, worth a combined $1.5 billion at list prices, and would lease them back to the carrier.

The Asia's second-biggest aircraft lessor, with a fleet of more than 260 planes, said it would buy three new Boeing B777-300ERs and two new Airbus A330-300 aircraft.

The company expects to take delivery of the aircraft before the end of 2016.

An expanding air travel market in Asia has helped many regional airlines improve their financial performance which in turn is fuelling growth in the leasing sector, BOC Aviation Chief Executive Officer Robert Martin said in August.

(Reporting by Donny Kwok; Editing by Edwina Gibbs)