China’s Minsheng Financial Leasing to buy 20 executive jets from Brazil’s Embraer

20 July 2011

Sao Jose dos Campos, Brazil, 20 July– Chinese company Minsheng Financial Leasing Co. Is set to buy 20 executive jets from Brazilian aircraft manufacturer Embraer under the terms of a memorandum of understanding signed Tuesday at the Brazilian company’s headquarters in Sao Jose dos Campos.

According to a statement published by Embraer, the intention to buy of Minsheng Financial Leasing Co., a subsidiary of the China Minsheng Banking Co., are expected to be converted into definitive orders over the next five years and deliveries are due to begin this year.

The statement also said that the Brazilian company was the only aircraft manufacturer to offer a complete range of executive jets and is responsible for 19 percent of world deliveries in the executive aviation market in 2010, according to information published by the General Aviation Manufacturers Association (GAMA).

With this memorandum of understanding, Embraer has further increased its presence in the Chinese executive aviation market, following an announcement in April that it had signed a cooperation agreement with the Aviation Industry Corporation of China (AVIC) to assemble executive jets in China.

The Minsheng Financial Leasing Co. Ltd. (MFSL) was set up in April, 2008 and is one of the financial leasing companies authorised to operate and regulated by the China Banking Regulatory Commission (CBRC). (macauhub)