China’s wealthiest people now want more than “ordinary” luxury products, and their newest toy is the private jet, Apple Daily reported Monday.
David Velupillai, director of marketing for Airbus Executive and Private Aviation, was quoted as saying that China has become the fastest growing private jet market, and that some of the mainland buyers have unique tastes, asking for things such as tailor-made karaoke systems or Mahjong tables to be equipped on their private jets.
Airbus has been selling private jets in China since 2005 and has sold about 20 so far. The aircraft have a price range of US$72 million to US$110 million, excluding costs of maintenance, crew and fuel. Velupillai said his firm expects to sell five new private jets in Asia each year, with most orders seen coming from China.
He said Chinese buyers’ favorite colors are red and gold. As they tend to bring families and friends together to enjoy the ride, they want their planes to have bigger capacity, preferably carrying between 19 and 50 people at the same time. Meanwhile, their favorite destinations are Hong Kong, Macau and other places that can be reached in four to five hours by air.
According to data from Asian Sky Group, private jets in China numbered 371 last year, up from 203 in 2011. Sales of the jets have witnessed compounded annual growth rate of 34 percent since 2007.
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