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March 26, 2012updated Feb 11, 2013

Netjets Unveils Joint Venture Plans For China

By Pardhasaradhi Gonuguntla

Columbus, Ohio – Reported by Elite Traveler, the private jet lifestyle magazine

NetJets® Inc., a Berkshire Hathaway company and the worldwide leader in private aviation, unveiled today additional details for 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.; a consortium of Chinese investors led by 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.

The joint venture and its operational base will be headquartered in Zhuhai, a prefecture-level city by the Pearl River Delta on the southern coast of Guangdong province and an hour by fast ferry from Hong Kong. A Memorandum of Understanding with the Zhuhai Aviation Industry Park was signed in Hong Kong in August of 2011 and was witnessed by Vice-Premier Li Keqiang.

“The Chinese aviation market has phenomenal growth potential and we believe that introducing the NetJets service in China will enhance our brand’s global offering for customers around the globe,” said NetJets Chairman and CEO Jordan Hansell. “Our aim is to introduce NetJets brand of unmatched standards for managing private aircraft and provide aircraft owners in China with the ultimate in safety, security and reliability.”

“The joint venture aims to meet the growing demand in China for exceptional service quality and high safety standards in private jet management services for both corporate and personal use,” said Eric Wong, Vice Chairman of NetJets China. “We are witnessing demand from both new domestic customers and established customers in the U.S. and Europe. We are excited to provide a NetJets’ presence in China which will provide aircraft owners with superior global coverage and services.”

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