ABACE Convention News

Minsheng Financial Adds To Its OEM Order Book

 - April 15, 2014, 10:20 AM
Scott Neal, Gulfstream’s senior vice president for sales and marketing, and Johnny Lau, head of Minsheng’s aircraft leasing division, celebrate a blockbuster order signed today at ABACE for 40 business jets with options for 20 more. The deal is believed to be confirmation of an estimated more than $2.6 billion MoU signed in 2011. (Photo: David McIntosh/AIN)

Minsheng Financial Leasing Co. (MSFL), Asia’s largest business jet leasing firm, is climbing steeply to increase the size of it inventory even more. On perhaps one of the clearest days in ABACE memory, Minsheng confirmed yesterday that it had placed orders with both Gulfstream and Bombardier in the fourth quarter of last year.

The Gulfstream order for 60 business jets (both firm and options), spans the Savannah, Georgia company’s product line from the super mid-size G280 to the ultra-long range G550 and G650. Only the midsize G150 was left out. It is believed to firm up an MoU agreed in 2011 said at the time to be worth around $2.6 billion.

“This order is one of the largest in our history, and it affirms the valued partnership between our two companies.” said Scott Neal, Gulfstream’s senior vice president of sales and marketing. “Together we are committed to growing business aviation throughout China.”

The order spans several years with deliveries expected to commence in 2015. “Minsheng has quickly become the largest fleet owner in China and has been a leading visionary in the business aviation market,” said Gulfstream president Larry Flynn. “We are thrilled with Minsheng’s confidence in Gulfstream and look forward to working with the company throughout the delivery process and beyond.”

Minsheng’s order with Bombardier saw it sign for 10 super-mid-size Challenger 350s worth approximately $259 million. The first aircraft, an upgrade of the Challenger 300 with a wider wingspan and increased range, is expected to enter service in the second half of the year.

“We are honored that Minsheng Financial Leasing has placed its trust in our new Challenger 350 jet,” said Michael Han, regional vice president sales, China for Bombardier Business Aircraft. “Bombardier’s best-selling Challenger aircraft family is key to leading business jet fleets around the world, and we are delighted to get, once again, such strong endorsement for Bombardier products in China.”

MSFL was founded in 2008 by China Minsheng Banking Corporation and Tianjin Port Free Trade Zone Investment Co.