Embraer has delivered the first of 13 Legacy 650s to China’s Minsheng Financial Leasing (MSFL). Minsheng signed a memorandum of understanding (MOU) for the business jets last July, and this was supplemented by an additional agreement signed at the Singapore Airshow last month for three Lineage 1000s.
“Minsheng Financial Leasing is one of our most valued customers and partners,” said Embraer Executive Jets president Ernest Edwards. “The successful delivery of the first Legacy 650 reflects the faith our Chinese customers have placed in Embraer.”
MSFL chairman Kong Linshan anticipates that this purchase and those that follow will position MSFL as Asia’s leading business-aircraft lessor.
Embraer hopes to capture 15 to 20 percent of China’s business jet market, and forecasts that total sales in the country will amount to $21 billion over the next decade.
The manufacturer previously announced reaching an agreement with Avic to build Legacy 600/650s for the China market at Avic’s Harbin plant. Yesterday at Abace, Edwards told AIN that the production agreement with Avic is currently awaiting government approval, with the parties hoping to receive this by the end of the second quarter. Listen to AIN’s audiocast interview with Edwards at Abace.