A new Berkshire Hathaway company, NetJets, is making the final preparations to launch a private jet service in China. The company has announced that it is awaiting final government approval for an operating certificate, which is expected to be granted in mid-2014.
NetJets Chairman and CEO Jordan B. Hansell said of the new venture:
“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.”
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. The headquarters for NetJets China is in the Zhuhai Aviation Industrial Park.
The business opens up the prospect of entry-level access to private jets through its “Private Jet Travel Card”, which allows clients to purchase airtime in increments of 25 hours. The card grants entry to a large cabin aircraft in the NetJets US and European fleet for an 18-month term, and is designed to be used by China-based travellers in the United States, European Union and Switzerland.
NetJets Inc started in 1964 and has 50 years of private aviation management under its belt, including the introduction of “fractional aircraft ownership” which has expanded into products such as: NetJets Shares™, NetJets Leases™ and the Marquis Jet Card®, which provides access to NetJets through a 25-hour jet card.