Gulfstream Aerospace and Bombardier are trotting out their longest-range busines...
MONTREAL/SINGAPORE/SHANGHAI - Gulfstream Aerospace and Bombardier are trotting out their longest-range business jets at an Asian air show this week, as they compete for orders from China’s growing elite, despite the country’s slowing economy.
“The biggest factor that impacted the business jet market was pessimism and uncertainty which stalled purchase intentions or forced those marginal owners to reconsider keeping their business jets,” said Jeffrey Lowe, managing director of Hong Kong-based Asian Sky Group. Greater China’s number of billionaires has been growing yearly by 10 percent over the past three years, and the Global 7500’s long range will help to “seize market share and to withstand any economic uncertainty in the region,” said Bombardier Business Aircraft President David Coleal by email.
Gulfstream, a division of General Dynamics, which brought its large-cabin G500 jet into service last year, delivered 68 new corporate aircraft between 2015 and 2018 in the region, more than double the 32 planes delivered by its Canadian competitor, according to Asian Sky. And the number of Chinese-owned second-hand business jets sold outside the country rose to 20 in 2018, compared with an annual average of 10 from 2014 to 2017, according to the Cirium data.
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