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China : NetJets China and Business Aviation Asia (BAA) inks strategic equity partnership.

NetJets China and Business Aviation Asia (BAA) has inked a strategic equity partnership, as per which BAA, a China Minsheng Investment subsidiary, join Hony Jinsi Investment Capital and Fung Investments as shareholders with NetJets in the joint venture.

The deal is said to be further subject to approval from the Chinese Ministry of Commerce and the CAAC, would see BAA acquire a 35-percent stake, making it the second-largest investor in NetJets China, as U.S.-based NetJets said it will still maintain its 49-percent share in thecompany.

Eric Wong, vice chairman and general manager of NetJets China said, BAA is one of the biggest business jet managers and operators in Asia Pacific, with well established operations in the China region. I trust the strategic partnership between NetJets and BAA will bring about significant benefits to the development of business jet aviation services in China and the surrounding region. With their experience in China, we believe that our joint venture will be able to operate efficiently, safely and be able to provide a very high standard of service to the local market as well as to the customers in the region.

In China, business aviation is gaining more momentum with the expansion of the population of high-net-worth individuals in the country, Wong said, adding that together with efforts like better regulation of flight plans and the opening up of the airspace, this bodes well for theindustry.

Wong added, All these trends make us even more confident in the market potential of business aviation, not just in China but also in the Asia Pacific region. Thats why we have been expanding our fleet and recruiting more membersto provide even better and more diversified business aviation service to our Chinese clients.

David Du, BAAs deputy general manager said, Currently, BAA boasts a fleet of 56 aircraft with a staff of 500 people. In our fleet you are going to discover models of all the mainstream aircraft makers and we have set up 12 operational bases in mainland China, Hong Kong, Macau and Taiwan. It is fair to say that BAA is fully ready to grow bigger and stronger.

With the approval of the transaction, BAA general manager Chang Qiu Sheng said, the company plans to expand its aircraft management business while at the same time launching a membership cardprogram.

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Publication:Mena Report
Geographic Code:9CHIN
Date:Apr 13, 2016
Words:399
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