ZHUHAI, China--(BUSINESS WIRE)--NetJets Inc., a Berkshire Hathaway company and the worldwide leader in private aviation, announced today that it is preparing to launch its NetJets China business once government approval for the operating certificate is finalized – expected mid-year in 2014. NetJets Business Aviation Limited is part of a joint venture with NetJets Inc.; Hony Jinsi Investment Management (Beijing) Ltd, a subsidiary of Hony Capital, a leading private equity firm of China; and Fung Investments, part of the private investment arm of the families of Dr. Victor Fung and Dr. William Fung, the controlling shareholders of the Li & Fung group of companies that are involved in supply chain management, as well as the wholesale and retail of consumer products.
“NetJets Business Aviation Limited has been working closely with the Chinese government to obtain its operating certificate,” said NetJets Chairman and CEO Jordan B. Hansell, “and we are very excited to be on the threshold of formally launching our new business in China.”
NetJets China announced in November 2012 that it was establishing its operational headquarters in the Zhuhai Aviation Industrial Park. That same year it unveiled The Private Jet Travel Card, offering a unique product and service to both corporate and individual China-based clients traveling in the US and EU. The card opens access to NetJets’ unparalleled safety, service and reliability.
The Private Jet Travel Card is sold in increments of 25 hours, allowing the buyer to determine the amount of flight time that is needed, with no long-term commitment. The card grants entry to a large cabin aircraft in the NetJets U.S. and European fleet for an 18-month term, and is designed to be used by China-based travelers in the U.S., EU and Switzerland.
“We see China as one of the premier growth markets in the world and look forward to launching an aircraft management business here initially, which could grow into a fractional business in the future,” Hansell added.
NetJets Inc., a Berkshire Hathaway company, is the worldwide leader in private aviation with the largest and most diverse private jet fleet in the world. With a half century of safety and innovation in private travel, NetJets began in 1964 as the first aircraft charter; and management company in the world. In 1986, NetJets pioneered the concept of fractional aircraft ownership – offering individuals and businesses all of the benefits of whole aircraft ownership and more, at a fraction of the cost. Today, NetJets offers a full range of private aviation solutions through its businesses in North America and Europe, as well as in China - once regulatory approvals are finalized. Products include NetJets Shares™, NetJets Leases™ and the Marquis Jet Card®, which provides access to NetJets through a 25-hour jet card.
The North America business is managed and operated by NetJets' subsidiary, NetJets Aviation Inc., and the European business is managed and operated by NetJets Transportes Aereos, SA; a Portuguese/EU Air Carrier. NetJets also offers aircraft management and on-demand charter services through its subsidiary, Executive Jet Management Inc., which includes operations in the U.S. and Europe. Subject to obtaining relevant regulatory approvals, NetJets will also offer aircraft management and charter services in China through NetJets Business Aviation Limited, a joint venture between NetJets and a consortium of Chinese investors. The NetJets companies offer worldwide flight operations. More information on NetJets, NetJets Europe, the Marquis Jet Card, and Executive Jet Management is available at www.netjets.com.