Business jet market recovers as tycoons look to the skies over China for ultimate comfort
New report says that based on financial progress and economic size, there is enough demand for 1,900 business jets to be operational in the country
The market for business jets in China has regained pace, after two years of woeful performance because of the government clampdown on excess and anti-corruption, as it invests in more airport construction, and deregulates aircraft ownership and operations, according to a latest study.
The Hurun Business Jet Owners 2017 report says that based on its financial progress and economic size, there is enough demand for 1,900 business jets to be operational in the country.
Mainland China had 466 business jets flying its skies at the end of 2016, with 114 individual business people owned 164 private jets.
The business jet market has shown strong signs of recovery since the start of the year, and the new models being launched by manufacturers are being snapped by Chinese billionaires with deep pockets, the report said.
The study was produced by Hurun Report, an organisation founded by Rupert Hoogewerf that focuses researching the Chinese super-rich.
Jean-Michel Jacob, president of Dassault Aviation Falcon in Asia Pacific, agrees: “The market is waking up after two quiet years. We have seen strong trends. More people are interested, and we are negotiating.”