(Reuters) - American International Group's unit extended the date for a Chinese consortium to get regulatory approvals to buy the airplane-leasing business till July 31.

AIG announced the deal to sell International Lease Finance Corp (ILFC) last December for $4.8 billion to a consortium including New China Trust, one-fifth owned by Barclays Plc , China Aviation Industrial Fund and P3 Investments Ltd.

Last month, the two sides agreed to extend the deadline for the deal's closing by a month, to mid-June.

AIG may terminate the deal if it does not close by July 31, ILFC said in an amendment to its initial public offering on Friday. (http://link.reuters.com/nez98t)

ILFC also said it will not go through with an IPO if the sale is completed.

(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Lisa Shumaker)