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00:00:02
>> For the world business elite it's the ultimate status symbol. But in China, brand new private jets are losing their luster as the country's mega rich increasingly shun flashy signs of wealth. For plane makers, that means a shift in focus, leading brands are now trying to sell more second-hand planes, or offer rentals instead.
00:00:21
Reuters, Brenda Goh explains why.>> Now Chinese buyers are more mature, they want value for money and they don't mind buying a second-hand jet and refurbishing it up to their taste. The market had double digit growth in China until about 2012, 2013 when an anti-corruption campaign launched by President Xi Jinping.
00:00:39
Me, owning a private jet seem a bit ostentatious. This year dealers here have seen again some signs of recovery, chartering companies, and free management companies said they're been kept busy. But at the same, Asia Sky Group predicts that the Greater China Fleet will only grow by 1% this year.
00:01:00
>> That would be the weakest growth in a decade, but on the bright side plane makers say that while Beijing's been cracking down on excess, it seems to also be taking steps to boost their business.>> One of the things that executives say holds general aviation back in this country, is the lack of infrastructure.
00:01:17
The government is promising now to build 500 new airports by 2020, and executives here says that's the thing that they need.>> Insiders say they still see opportunity in China, there are currently just under 500 private jets in the country, compared to 12,000 in the United States. And there's still an army of wealthy exec's out there who like the idea of flying private.
00:01:41
Industry insiders say, they're confident the market will swing back, because however ever flashy a private jet may be, when it comes to making business efficient, it's the only way to travel.