Business aviation soaring through turbulence

[Photo provided to China Daily]

Comedian Zhao Benshan is also reported to have spent $32.5 million on a Bombardier Challenger 850, which can seat 17 passengers and boasts a bar, gym and sleeping quarters.

The public was captivated by the 2010 news that Zhao's private jet agent selected flight attendants according to a competition and winners would earn annual salaries exceeding 200,000 yuan.

But fewer than five mainland showbiz stars own jets. The main customers have for the last decade been companies and executives, especially real estate company owners, Liao said. But more information technology elites are purchasing planes as the realty slumps and IT sizzles.

A reason few outside the business world own jets is their high purchase prices and tax rates, and expensive maintenance and use, plus the fact they are expedient to businesspeople - they enable them to travel wherever, whenever to seal deals - rather than serving solely as status symbols.

If a plane costs 200 million yuan, Liao explains, plus an additional 22.85 percent of the price paid in taxes according to law. Maintenance costs at least 6 million yuan a year. It costs 30,000 yuan to fly per hour, including fuel and other expenses.

And there are additional, although relatively low, fees to apply for permission to fly.

"Private jets are luxury items, but they're too luxurious to just be luxury items," Liao said.

"There's huge market potential because business aviation is the simplest, fastest and safest way to travel."