China Business Aviation Group (CBAG), the Beijing-based business aircraft solutions provider, has signed a contract with Beijing Stem Cell Technologies Co. (BSCT) authorizing CBAG to negotiate the purchase of three aircraft for the medical company. The choice will be between a long-range business jet, an Airbus Corporate Jet or similar-sized aircraft, and a short haul transport category aircraft for regional and domestic use. The purchase plans calls for one aircraft per year will be delivered beginning this year.
“Buying an aircraft is not just for showing off or fun,” said BSCT CEO Zhai Jiahua. “They’re quite practical and can help you save time.” He noted that BSCT currently owns two aircraft, but needs more to support the company’s growth.
“This is an exciting time for business aviation in China,” said CBAG chairman and CEO Jason Liao, who formed CBAG in 2010 to provide turnkey purchasing, management and support services for business aircraft buyers. Based on the forecast Liao presented at the signing ceremony, there will be growing need for such services.
At current levels of growth, “In around ten years time, China will become the largest business aviation market in the world,” Liao said. “Recently some of my friends jokingly said, ‘If my business grows big enough I can afford to buy an aircraft.’ This is not the right understanding. If you want to get rich, buy a business aircraft first.”