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Airbus forecasts a private jet industry comeback in 2010

Airbus, the European plane manufacturer, said last Wednesday that it expects private jet sales to rebound in 2010 behind a fast-growing Chinese market.  According to Francois Chazelle—vice president of executive and private aviation at Airbus Middle East—more and more Chinese billionaires are considering purchasing private jets due to their convenience compared to commercial flights.  “We do see the market bouncing back, with the largest number of expressions of interests coming from China,” said Chazelle.  He said that the interest would be particularly special among Chinese businessmen in the oil trading industry, construction, and other chemical sectors, who are looking to purchase companies after the financial crisis. Right now, the proportion of billionaires owning a private jet in China are about a tenth of that in the United States. Chazelle admitted that the industry did experience a slowdown this year, but it did not completely breakdown.

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