NetJets, the private jet-sharing company owned by billionaire Warren Buffett, announced today that it would expand into China to take advantage of a growing interest in luxury air travel.NetJets China Business Aviation Limited, the new unit of Berkshire Hathaway, will be part-owned by investors including Chinese private equity firm Hony Capital, and Fung Investments. It will be based in Zhuhai, in Southern China, according to a statement released today.
Said NetJets Chairman and CEO Jordan Hansell:
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. 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.
Private air travel has become increasingly popular in China, thanks to a growing class of newly rich citizens.
Earlier this month, a new plane dealership, also in Zhuhai, sold 14 private jets within three days of opening.
And while private air travel is tightly regulated in China, it hasn’t stopped pilot’s licenses from becoming something of a status symbol there.
Also this month, NetJets was sued by the government over some $366 million in allegedly unpaid taxes.
Business Insider Emails & Alerts
Site highlights each day to your inbox.