Warren Buffett, already heavily invested in BYD, the electric car company, is now entering into the private jet arena in China.
In this country, it costs on a per hour basis 95,000 yuan, or HK$118,000. But this is the price that you’re going to pay if you rent from the Warren Buffett backed company NetJets.
The company was approved to begin its operations very recently in China, and started providing this service just a few days ago. They already have two aircraft waiting and ready in Shenzhen and Shanghai.
The goal of the company is to offer charter flying and other services including storage of jets, crewing and maintenance.
NetJets was founded in 2012, and it is the first private company to offer a private jet service on the mainland in China. It also does business in Europe and the United States.
In order to operate this China charter service, Warren Buffett had to partner with two companies. He chose to partner with Fung Investments, which is the private investment portion of Li & Fung. He also partnered with a private equity firm known as Hony Capital in order to make this deal happen.