Beijing-based Deer Jet launched the first fractional aircraft program in China today in Shanghai at ABACE 2013. Deer Jet, which has 30 business jets spanning 13 types in its charter and management fleet, is currently selling shares in a Gulfstream G450 and G550, the latter of which it has on static display this week at the show.
The Deer Jet “Time Share” program is customized for the Chinese market and is targeted to customers who fly between 100 and 300 hours per year. There are two distinct products under Time Share: fractional aircraft shares and block charter.
Under its Chinese-centric fractional program, Deer Jet said it would sell only 10 shares per aircraft. However, customers must buy at least two shares, meaning a maximum of five owners per aircraft. Two shares equates to 120 flying hours per year, which Deer Jet said is “more than enough” for the average private jet flyer in China.
Fractional-share contract terms are for five years, it said. Customers pay an all-inclusive monthly management fee that covers both fixed and operating costs, so there are no hourly occupied fees.
According to Deer Jet, there are no service area boundaries under its fractional program. Due to government restrictions in China, fractional-share customers must book flights at least three days in advance.