Several Chinese leasing companies are hoping to be the first to import a business jet and lease it to Chinese customers.
Minsheng Bank has already taken delivery of a US registered Gulfstream but it is mainly for the bank’s own use. ICBC Leasing is also looking to close the first deal for a customer in the next few months.
“This market is really taking off,” says one Chinese lessor. “There is a lot of demand for jets and it is getting very interesting.”
Like airlines, Chinese leasing companies benefit from import tax exemptions. In fact it is easier for a leasing company to bring an aircraft into the country than an airline as they do not need CSCR approval.
The CAAC, China’s aviation regulator, last year made it easier to operate general aviation and business jets. Aircraft owners now only need to submit a business plan three hours before flying compared to two weeks before 2009.