NetJets gives details on China joint venture

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COLUMBUS, Ohio (AP) -- NetJets Inc., a company that specializes in private aviation, said Monday that its planned joint venture in China will include a group of Chinese investors led by Hony Jinsi Investment Management (Beijing) Ltd. and Fung Investments.

"The Chinese aviation market has phenomenal growth potential and we believe that introducing the NetJets service in China will enhance our brand's global offering for customers around the globe," NetJets Chairman and CEO Jordan Hansell said in a statement.

Hony Jinsi Investment Management (Beijing) Ltd. is a subsidiary of private equity firm Hony Capital. Fung Investments is part of the private investment segment of the families of Dr. Victor Fung and Dr. William Fung, who are controlling stockholders of the Li & Fung group of companies.

The joint venture, named NetJets China Business Aviation Ltd., will be based in Zhuhai. NetJets said it signed a memorandum of understanding in August 2011 with the Zuhai Aviation Industry Park.

NetJets, which is based in Columbus, Ohio, is a Berkshire Hathaway company.

Berkshire Hathaway Inc. is a conglomerate based in Omaha, Neb., and run by billionaire investor Warren Buffett. It owns roughly 80 subsidiaries, including clothing, furniture, insurance and utility companies. Berkshire Hathaway also has major investments in such companies as Coca-Cola, IBM and Wells Fargo.