Minsheng’s Order for 60 Gulfstreams Adds to 2011 MoU

 - April 22, 2014, 3:00 PM
Gulfstream clarified that the order for 60 jets from Minsheng Financial Leasing announced last week at ABACE is in addition to a previous 50-aircraft order from the Chinese business aircraft leasing firm. Minsheng currently operates a fleet of Gulfstream G450s and G550s. (Photo: Gulfstream Aerospace)

Minsheng Financial Leasing’s (MSFL) order for 60 Gulfstream jets (40 firm, 20 options) announced last week at ABACE in Shanghai is in addition to, not further confirmation of, a $2.6 billion order for 50 Gulfstreams under an MoU signed between the two companies in July 2011. Thus, Minsheng now has up to 110 Gulfstreams on order–a mix of G280s, G450s, G550s and G650s–that AIN estimates are worth approximately $5.6 billion, including options.

Gulfstream did not release the value of the 60-aircraft order last week when it made the announcement, so AIN used the value of the previous 50-aircraft order from Minsheng to determine a conservative estimate of $3 billion. Scott Neal, Gulfstream’s senior vice president of sales and marketing, did confirm at ABACE that the 60-aircraft order is “one of the largest in our history.”

Gulfstream Aerospace delivered the first aircraft–a G450–to Minsheng in June 2010. Minsheng took delivery of its 10th Gulfstream during a ceremony last year in Beijing. According to a Gulfstream spokesman, Minsheng currently has G450s and G550s in operation, though he declined to give an up-to-date fleet total. Deliveries from this latest order are expected to begin next year, Gulfstream said.