Hony, Fung Capital-Backed NetJets China Obtains Operating Permit

A private aviation joint venture between NetJets Inc., a Berkshire Hathaway company, and two Chinese private equity firms has obtained operating permit from the Civil Aviation Administration of China, moving the company one step closer to gaining an operating certificate for providing private jet services for Chinese consumers, according to a company announcement.

The joint venture, named NetJets Business Aviation Limited, is established by NetJets Inc., Beijing-headquartered private equity firm Hony Capital, and Hong Kong-based Fung Capital Asia Investments Ltd., the private equity arm of the family behind global sourcing firm The Li and Fung Group.

NetJets China’s operational headquarters are based in the Zhuhai Jinwan Airport in Guangdong province.

"The granting of this permit positions NetJets China for final approval, which we hope to receive in the next few months," says NetJets China vice chairman Eric Wong.

NetJets China has purchased and imported two aircraft into China to offer charter services as soon as the government grants its approval. It has also hired principal staff and established internal structures and processes for safe flight operations.

Founed in 1964, NetJets Inc. is the world’s first aircraft charter and management company.