Flying dragons: Private jets are new status symbol in China

Wed, 04/11/2012 - 08:42 — Anonymous by Tracy YouUntil as recently as 10
years ago, a personal jet was little more than a dream for even the richest
mainland Chinese. Apart from anything else, the government has only allowed
individuals to own and fly private aircraft since 2003. But now, a shiny,
personal fly-about is the new business card of the elite, touted abroad by
established entrepreneurs such as Zhang Yue (张跃) and such influential
celebrities as Jackie Chan (成龙).  In less than a decade, the number of
mainland-registered business jets has rocketed from zero to more than 130. 
Industry experts expect the market to grow nearly 10 times over the next
decade; in other words, mainland tycoons will be shelling out for roughly 100
private jets a year -- with prices starting at RMB 3 million (US$475,000) --
from now till 2022.read more