NetJets China announced today that it has established its operational headquarters in the Zhuhai Aviation Industrial Park. Subject to obtaining relevant regulatory approvals, NetJets China Business Aviation Limited will manage all flight and maintenance operations from the new Zhuhai facility. The company received CAAC project approval in September and continues to work towards CAAC certification.
Earlier this year NetJets announced its new joint venture in the People's Republic of China. Subject to obtaining relevant regulatory approvals, NetJets China Business Aviation Limited will be a joint venture among 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 is excited about the opportunity to launch an aircraft management business in China," said NetJets China CEO Eric Wong. "We are working closely with the CAAC to meet its requirements to obtain an Aircraft Operators Certificate, and we are targeting approval in 2013."
ABOUT NETJETS® INC.
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. 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 fractional programs in North America and Europe, including NetJets Shares, NetJets Leases and the Marquis Jet Card®, which provides access to NetJets though a 25-hour jet card. The North America program is managed and operated by NetJets' subsidiary NetJets Aviation, Inc., and the European program is managed and operated by NetJets Transportes Aéreos, SA, a Portuguese/EU Air Carrier. In the United States, NetJets also offers aircraft management and on-demand charter services through its subsidiary, Executive Jet® Management, Inc. 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 .
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