Wednesday, April 11, 2012

Flying dragons: Private jets are new status symbol in China

by Tracy You

Until as recently as 10 years ago, a personal jet was little more than a dream for even the richest mainland Chinese.

Apart from anything else, the government has only allowed individuals to own and fly private aircraft since 2003.

But now, a shiny, personal fly-about is the new business card of the elite, touted abroad by established entrepreneurs such as Zhang Yue (张跃) and such influential celebrities as Jackie Chan (成龙). 

In less than a decade, the number of mainland-registered business jets has rocketed from zero to more than 130. 

Industry experts expect the market to grow nearly 10 times over the next decade; in other words, mainland tycoons will be shelling out for roughly 100 private jets a year -- with prices starting at RMB 3 million (US$475,000) -- from now till 2022.

read more

Source: http://rss.cnngo.com/~r/cnngo/~3/GHUwQ4h-vDU/chinas-business-jets-reach-new-heights-113799

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