Asia United Business Aviation (Shenzhen) and Minsheng International Jet are set to become China's second largest business aviation specialists after NetJets Business Aviation (Zhuhai) following their acquisition by Minsheng Investment Corp Ltd.
Having acquired Asia United outright, Minsheng Investment Corp. now owns a 61.25% stake in Minsheng International Jet (Beijing Capital) acquired for CNY1.19 billion (USD194million).
With the sale, Minsheng International Jet, formerly known as CITIC GA (Beijing Capital), has set its sights on operating a fleet of 500 business jets throughout China before 2019.
Earlier this year, parent firm Minsheng Financial Leasing signed orders with Gulfstream Aerospace (GLF, Savannah International) and Bombardier Aerospace (BBA, Montréal Trudeau) for a total of seventy business jets with plans to proffer the aircraft to the Chinese domestic market once delivered.
