It came as no surprise to industry watchers that Minsheng Financial Leasing Co. Ltd. (MSFL) won the recent Corporate Jet Investor (CJI) award for Asian Business Jet Financier of the Year. MSFL has so far signed agreements for, and placed nonrefundable deposits on, more than 100 private aircraft acquisitions in China. The firm’s total registered capital is RMB five billion ($790 million).
Last month’s Singapore Airshow confirmed a trend that has been brewing for some time: that Indonesia is emerging as a business aviation hotspot in the Asia Pacific region. Last year the country’s economy grew at its fastest speed since the 1997-98 Asian financial crisis, with gross domestic product expanding by 6.5 percent.
ABS Jets is here at the ABACE show extolling the virtues of Asian operators using Prague as a “one-stop-shop” for their visits to Europe. “The Chinese market is developing fast and is generally seen as growing to become the key region for future growth, ultimately becoming of massive importance to business jet operators,” said Antonia Tomkova, the company’s commercial director.
While customers in Asia prefer new business jets, the market for used aircraft is starting to emerge in the region. However, when they do choose to buy pre-owned business jets they want younger aircraft that are less than five years old. To get a sense of how this part of the business aviation market is developing in Asia, AIN spoke with Jahid Fazal-Karim, board member and partner of business jet sales broker Jetcraft.
At Abace today, Cessna Aircraft senior vice president for business jets Brad Thress elaborated further on the aircraft manufacturer’s joint venture with Aviation Industry Corp. of China (Avic) and the Chengdu provincial government to build midsize Citations in China. He said that the Sovereigns and Latitudes built in China will be assembled in Chengdu from components made at the company’s headquarters in Wichita. “We see this as incremental business.
Boeing Business Jets delivered the first BBJ Jet fitted with Honeywell’s Ovation Select system, which provides digital connectivity in the cabin. The bizliner, which can carry up to 19 passengers and has a luxury interior completed by Jet Tech of Spokane, Wash., went to a U.S. businessman who already has one BBJ. The new airplane has a stateroom with king-size bed, private lavatory and shower and a guest stateroom with divans that convert into beds, enabling the aircraft to sleep up to eight passengers.
“The population of wealthy [individuals] and their wealth [itself] is growing rapidly in China,” said Sean McGeough, Hawker Beechcraft vice president Europe, Middle East, Africa and Asia, at a press conference here at ABACE yesterday. There are now 1.3 million high-net-worth individuals with a combined wealth of $4.3 trillion in China, he said.
Cessna Aircraft is making an aggressive move into Asia with plans to manufacture aircraft in China in partnership with Aviation Industry Corp. of China (Avic) and the Chengdu provincial government.
CRS Jet Spares and AGA Logistics and Parts signed a memorandum of understanding (MOU) yesterday to form a new Singapore-based joint-venture company, CRS Asia, to support business jets operating in Australia, Southeast Asia and China.
Rolls-Royce has named Metrojet, the Hong Kong-based business jet operator and maintenance provider, as the first authorized service center for its BR710 series engine in Asia. The engine powers Gulfstream V/500/550 and Bombardier Global Express series aircraft.