ICBC Leasing set to close first Chinese lease on G450

Alasdair Whyte

A Chinese leasing company is set to close the first domestic lease of a business jet to a Chinese individual. Up to ten aircraft are set to be financed this way during the rest of 2010.

ICBC Leasing is hoping to close a finance lease on a Gulfstream G450 for a private individual in July. This will be the first business jet financed by a domestic leasing company for a Chinese customer.

The bank hopes to finance about five jets this year and expects to work on around ten deals a year.

ICBC Leasing was created in 2008 and is a subsidiary of International and Commercial Banking Corporation, one of the world’s largest banks.

Competitor Minsheng Leasing is also hoping to close its first deals in the next few months. It has already ordered seven aircraft and is managing the delivery of a further ten aircraft for its customers.

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