CAAC Approval Received In September, Government Certification Pending

NetJets China has established its operational headquarters in the Zhuhai Aviation Industrial Park. Subject to obtaining relevant regulatory approvals, NetJets China Business Aviation Limited will manage all flight and maintenance operations from the new Zhuhai facility. The company received CAAC project approval in September and continues to work towards CAAC certification.

Earlier this year NetJets announced its new joint venture in the People’s Republic of China. Subject to obtaining relevant regulatory approvals, NetJets China Business Aviation Limited will be a joint venture among NetJets Inc.; Hony Jinsi Investment Management (Beijing) Ltd, a subsidiary of Hony Capital, a leading private equity firm of China; and Fung Investments, part of the private investment arm of the families of Dr. Victor Fung and Dr. William Fung, the controlling shareholders of the Li & Fung group of companies that are involved in supply chain management as well as the wholesale and retail of consumer products.

“NetJets is excited about the opportunity to launch an aircraft management business in China,” said NetJets China CEO Eric Wong. “We are working closely with the CAAC to meet its requirements to obtain an Aircraft Operators Certificate, and we are targeting approval in 2013.”

FMI: www.netjets.com