China Minsheng Banking Corp. Will Spend $2.6 Billion

Minsheng Financial Leasing Company, which claims to be China's largest corporate jet leasing company, has announced a Letter of Intent (LOI) to purchase 50 jets from Gulfstream Aircraft. The deal is being hailed as the largest business jet order ever by a Chinese leasing company.

According to a report in the Savannah (GA) Morning News, the orders, which will be a mix of G450, G550 and G650 jets, will be finalized over the next three to five years, and all the planes will be manufactured in Savannah.

On its website, Minsheng Leasing says it expects to have a fleet of 100 business jets by the end of the year, as the nation's economic growth spurs demand for luxury and executive travel.

Bloomberg reports the timing is fortunate for Gulfstream, which is expecting declining military sales as defense spending gets trimmed to control federal deficits. On the occasion of the delivery of the first G450 ordered by Minsheng Leasing in June of 2010, Gulfstream stated it is aggressively moving product support resources into the region, doubling parts inventories in Hong Kong, Beijing and Singapore, and locating product support management and technicians closer to customers.

FMI: www.gulfstream.com