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American private jet company NetJets is seizing the opportunity from Hong Kong to help Mainland Chinese companies reach international destinations faster and easier.

NetJets Inc, a Berkshire Hathaway company with an AA+ credit rating, has set up a new operation in Hong Kong to provide aircraft management, chartered jet and Jet Card (a prepaid card for 25 hours of flight time) services for Asia-Pacific clients.

“Hong Kong is a sure choice because it is a cosmopolitan city. Many large multinational companies are based here. Its excellent location at the heart of Asia is a clear advantage for aviation businesses,” Eric Wong, Chief Executive Officer, NetJets China (Hong Kong) Ltd, said. “The APAC region will drive global economic growth in the next 10 years and we see the future potential here for our premium flight services.”

Fly Your Way Home

With its presence in Hong Kong, Wong said NetJets has achieved global reach connecting people from a long-haul flight to their desired destination, be it a small city in the US or Europe. Such point-to-point private jet services help time-sensitive businessmen avoid the frustrations of using domestic transfer flights. Wong said the private jet services also help encourage Mainland companies to “go global”.

“There’s no private jet company in the world except NetJets which offers a seamless travel experience with this high level of flexibility across the US, Europe and Mainland China. The private jet sector is still growing in this region. With our 50 years of experience in small chartered flights, and a fleet size of over 700 aircraft, I’m certain that our services could bridge the gap in this region,” he said.

Business Model

Running a private jet business is complicated as it must follow different regulatory requirements in different jurisdictions. Private jets have a lower priority than passenger or cargo flights when taking off from an airport. The company also relies heavily on the effective forecast of demand through big data that tracks trends such as clients’ flying patterns. For long-term commitment, a private jet can be self-owned or partly owned and managed by NetJets. Jet Card is a short-term option as it offers guaranteed access to the NetJets fleet in 25-hour increments. For all these options, NetJets will manage the pilots, cabin crews and engineers.

In 2012, NetJets China (Hong Kong) Ltd’s sister company, NetJets Business Aviation Ltd, was awarded an operation certificate from the Civil Aviation Administration of China which allows the company to offer private aircraft charter services in Mainland China. NetJets Business Aviation is based in Zhuhai Jinwan Airport and focuses on the technical side. The Hong Kong office, located near Hong Kong International Airport, is responsible for the sales and marketing of NetJets’ products. Both offices employ a total of 46 staff.

During NetJets’ setting up process, InvestHK provided market/industry specific information, advice on entry/expansion strategy, networking opportunities and PR support. “Taxation is the biggest advantage we enjoy in Hong Kong. It’s very easy to set up here, find business consultation services and legal support with Mainland experience, which helps us set up in the Mainland as well,” Wong concluded.

Monday, January 12, 2015

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Fast Facts

  • Founded in 1964 with presence in the US, Europe and China
  • Provides private business jet charter and aircraft management

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