(Yicai Global) Nov.8 -- Silkwings Jet, A Sino-French joint venture, was established recently in Hangzhou, eastern Zhejiang province. The first Sino-French business jet operator in China, the company will operate planes from French giant Dassault Aviation, from Falcon 2000LXS to Falcon 6X and Falcon 10X series, according to a press release issued today.

However, the company did not disclose investor information about the two parties.

According to the General Aviation Chinese Market Forecast Annual Report (2001-2040), published by the Aviation Industry Development Research Center of China, there were 22,409 business jets worldwide as of July last year. Of these, China held about 600 jets, and this number is tipped to increase fivefold to 3,000 by 2040.

Currently, most Chinese business jet clients use either self-owned or chartered aircraft. The operating models and products of Chinese business jets are mainly based on management service and charter business, resulting in low utilization and high operating costs for multi-brand and multi-series fleets.

Silkwings Jet offers a jet-sharing program model, which allows clients to purchase a certain portion of the right of use of the aircraft for several years and obtain a certain amount of flight hours. The rights can be sold or cashed out.

“While the pandemic has dealt a heavy blow to the global civil aviation industry, there are signs of growth in the market demand for business jets,” noted Franck Dubarry, founder and chief executive officer of the company, explaining why he chose to establish Silkwings Jets at this time.

Public data shows that in the second quarter, business jet departures in the Asia Pacific increased by 25.6 percent compared to the same period last year.

Honeywell’s Global Business Aviation Outlook, on the other hand, points out that the safety, flexibility and privacy of business jets have become more appealing due to changes caused by the pandemic, and new users and buyers are stimulating rapid growth in the business aviation industry. Deliveries of new business jets are expected to reach 8,500 units from next year to 2032, with a total value of USD274 billion.

Editor: Peter Thomas