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Brief introduction of business jet purchase
2022-03-16 15:26:00   来源:   评论:0 点击:

The outbreak of the new crown epidemic in December 2019 had a profound impact on the entire aviation industry,
The outbreak of the new crown epidemic in December 2019 had a profound impact on the entire aviation industry, especially international air passenger transport was the most severely affected. However, business jet transactions have grown against the trend. From January to July 2019, 1,585 business jets were traded globally, from January to July 2020, 1,392 business jets were traded globally, and from January to July 2021, 1,775 business jets were traded worldwide [1] . According to preliminary statistics in the industry, the number of business jets in mainland China has increased from 332 before the epidemic to 351, a net increase of 19. Prior to this, the business jet fleet in mainland China had experienced a net loss for two consecutive years. A number of industry insiders have made a unanimous judgment on the future development of China's business jet market that "the business jet industry will continue to grow." Such confidence comes from the huge scale of domestic high-net-worth individuals. According to the "2021 Hurun Rich List" released by the Hurun Research Institute in October, there are 2,918 entrepreneurs with wealth exceeding 2 billion yuan in China, and the number of people on the list has increased by 21.68 year-on-year. Practitioners in the business jet field say that these entrepreneurs are all capable of spending The power of business jets. Individuals, families and companies with annual disposable assets of more than 5 million yuan are fully capable of choosing private jet travel at any time. The author personally believes that the reason why the domestic business jet industry can continue to grow and develop is not only due to the aforementioned factors on the consumer side, but also inseparable from the attention paid by the state and local governments in recent years. Opening up provides the necessary basic conditions for the development of the business jet industry. For example, major hub airports have successively added FBO facilities for business jets. Beijing Daxing Airport has built a new business jet FBO base. Daxing Airport has an overall planned business apron of 110,000 square meters, which can park 85 business jets at the same time. The hangar and one maintenance hangar cover a total of 30,000 square meters, and the business jet building covers an area of ​​9,000 square meters. For example, [2] As of the end of September 2021, there are 793 airports in total in the country, and 357 general-purpose airports of Class A and Class B in the country. In the future, almost counties and counties will have general-purpose airports. The author believes that it is with these hardware facilities that the business jet industry has a foundation for development. The author personally predicts that after "county counties have general airports" becomes a reality, the consumption of small business jets will become the consumption growth point of the domestic business jet market in the future, and the development of super-large and ultra-long-range business jets will remain stable. Some time ago, a Cessna 525 Citation CJ1 private jet owned by Gu Ailing, one of the hottest sports stars in the Beijing Winter Olympics, was exposed on the Internet, attracting a large number of netizens to watch. It has a range of 2,000 kilometers and can accommodate 8 people. The price is about 2 million US dollars. When the author sees this online hotspot and combines with more and more high-net-worth friends to ask the author about the purchase of small business jets or other light aircraft, The author personally judges that "in the future, the consumption of small business jets will become the consumption growth point of the domestic business jet market". As the domestic business jet market matures, more domestic consumers will choose small business jets and second-hand business jets. The following will briefly and partially introduce the issues related to the purchase of business jets. The opinions in the article are only the author's personal opinions. Due to the limited level of the author, the opinions in the article are inevitably fallacies, please forgive me.
 
01Appropriateness, coordination and balance are one of the cores of model selection
 
1. First, the selection of business jets should first be based on the fact that business jets are a commuter means of transportation. Satisfying your own transportation is fundamental. It is not recommended to carry too many other additional functional attributes in the selection of models. , of course, other functional attributes should be properly considered, such as the social functional attributes of business jets. Some business jet consumers have the need to attend certain events with friends or business partners. These consumers need to consider the size of the cabin and availability. The number of occupants carried.
 
2. The second is to "coordinate" with the industry, occupation, assets, needs and other factors in which you are engaged, and do not excessively pursue various performances of the aircraft. Just like choosing a suit, first of all, the upper body of the suit must be "fit, coordinated and balanced", and do not deliberately and excessively pursue a certain element. The Italian-style strong waist, exaggerated big gun lapel collar, 24K gold Shijiabao, and now it seems that some exaggerated pagoda shoulders and other elements may be harmonious on others, but not necessarily on yourself. London's Savile Row is not necessarily more suitable or better than Shanghai Maoming South Road, and "Waterfall Shoulder" is not necessarily more suitable or better than "Shanghai Shoulder". The Cessna 525 Citation CJ1 purchased by Gu Ailing in the picture above is more suitable for her. Gu Ailing needs to switch back and forth between the training ground and various venues that she endorses. A small business jet can meet her tight itinerary needs. There is no need to analyze the various purchase factors in detail. From the surface of the picture above, Gu Ailing’s choice of the Cessna 525 Citation CJ1 is relatively coordinated and balanced. If the Cessna Citation in the picture above is replaced by the Gulfstream G650, it seems that only from the picture Some kind of inconsistency can be revealed.
 
02Financial solution for purchasing machine
 
1. [3] Sale and leaseback, sale and leaseback transaction is a special form of leasing, which means that the purchaser and user (also the lessee) of the aircraft sell their aircraft assets to a financial leasing company or bank after they have sold their aircraft assets. , which in turn leases the aircraft back from the financial leasing company (which is also the lessor). Under the sale and leaseback method, the seller is also the lessee and the buyer is also the lessor. The transaction process contains two legal relationships, the lease contract relationship and the sales contract relationship. The advantage of adopting this scheme is that the purchaser can quickly recover the funds invested in purchasing the aircraft, turn the physical assets of the aircraft into monetary assets, "revitalize" non-cash assets, make full use of the property rights and interests of the aircraft, and also guarantee the purchase of the aircraft. The aircraft owner continues to use the aircraft completely, and can also meet the purchasers who have certain requirements on balance and liabilities.
 
2. Operating lease, operating lease is a short-term lease. The lessor selects a relatively popular model according to the market demand, provides it to the lessee and collects rent, or the lessor chooses the model according to the lessee. Purchase the corresponding aircraft type and provide it to the lessee. When the lease expires, the lessee will not acquire the ownership of the aircraft, and the lessee needs to return the aircraft to the lessor. There is no transfer of ownership of the aircraft between the lessor and the lessee, only the transfer of possession of the aircraft and the assignment of the right to use the aircraft. The advantage of operating lease is that the transaction structure is simple, the counterparty involved in the transaction is single, and the lessee does not bear the risks based on aircraft ownership; the initial capital investment is relatively small, and the rent is paid monthly or quarterly, mostly in advance; It has high flexibility in terms of demand for changes in model usage, and can be more flexibly changed at the expiration of the lease period, without involving the problem of later disposal of the aircraft, avoiding the risk of affecting the residual value of the aircraft due to the “out-of-gas” model. The disadvantage is that before the aircraft is delivered to the lessee for use, the lessor may require the lessee to pay a security deposit, and the lessee will not acquire the ownership of the aircraft when the lease term expires. [4] Operating lease is also known as incomplete recovery lease. The rent and nominal residual value income collected by a leasing transaction cannot fully cover the investment cost of the lessor in purchasing the aircraft. The lessor must re-lease or dispose of the aircraft to recover the full investment. And profit, operating lease is a real leasing activity.
 
3. Financial leasing, which is a relatively common method. The lessee signs an aircraft leasing contract with the lessor and selects the aircraft type. The lessor purchases the aircraft from the aircraft manufacturer according to the lessee’s requirements, and the lessor takes possession and use of the aircraft. Assigned to the lessee, the lessee pays the rent on time, and the lessor transfers the ownership of the aircraft to the lessee after the lease expires. Generally, the lessor sells the aircraft to the lessee at a nominal price after the lease expires. The advantage of financial leasing is that it can specify the aircraft type and achieve the purpose of financing. Not taking ownership of the aircraft but taking the risk of the aircraft.
 
03N registration or B registration
 
Whether to choose [5] N registration or B registration depends on the needs of the aircraft in the end. If the aircraft is mainly flying in China and the model is still a small business jet with no cross-ocean capability, it is generally recommended to choose B registration; It is generally recommended to choose N registration when flying outside and mainly flying abroad. N registration and B registration have their own advantages and disadvantages. The main advantage of B registration is that there are fewer restrictions on domestic flights than N registration. The main disadvantage is that if the aircraft is imported from abroad, it needs to bear relatively high customs duties and import VAT; N registration mainly The advantage is that zero tariff and import VAT can basically be achieved. The main disadvantage is that there are many restrictions on domestic flights. For example, airport services are not superior to B registration. In principle, after a single entry, you cannot exceed 8 domestic flight segments. Program applications have a longer time frame for approval. Neither N registration nor B registration has absolute advantages or disadvantages, and the core starting point or demand for choosing N registration or B registration.
 
04Technical clauses in purchase contracts
 
This article only selects one [6] PPI clause in the new aircraft purchase contract for a brief description.
 
1. The PPI terms generally include the buyer's visual inspection terms before the aircraft is delivered. The visual inspection is usually completed by the buyer's team members who pick up the aircraft, usually before signing the letter of intent to purchase or after signing a formal aircraft purchase agreement. The visual inspection is mainly to check the appearance of the aircraft, and check whether the aircraft and engine have obvious damage, corrosion or other obvious defects according to the pre-made checklist. Under normal circumstances, it is stipulated in the contract that the buyer has the right to unconditionally refuse to purchase the aircraft after the visual inspection. If the deposit has been paid, the seller can ask the seller to return the deposit.
 
2. The PPI terms generally include delivery of the aircraft to the factory for inspection before delivery. After the buyer completes the visual inspection and is satisfied with the condition of the aircraft, the aircraft will be sent to the factory for inspection. The seller shall send the aircraft and all aircraft documents to the designated maintenance center for inspection. During the on-site inspection, the documents of the aircraft are generally reviewed, the aircraft is checked, the flight engine is checked, and a test flight is performed. After the inspection is completed, the maintenance center will issue an inspection report and a test flight report listing the discrepancies of the aircraft. The buyer needs to sign the technical acceptance certificate according to the on-site inspection report and choose to accept the conditions of the aircraft or refuse to accept the aircraft.
 
3. Which defects are generally included in the PPI clauses as discrepancies, and the maintenance yard, in a capacity similar to an appraisal agency, makes independent decisions based on the discrepancies and the definitions of discrepancies in the PPI clauses.
 
05 Last
 
Although this article only briefly describes some of the problems in the purchase of business jets, no in-depth analysis is made. But the author personally believes that purchasing a business jet is a very complicated and systematic task. The characteristic of aviation expertise as the support in the entire transaction process is very obvious. The legal affairs in the transaction process not only involve the intersection and integration of legal knowledge and aviation expertise, but also the international conventions and domestic laws in the transaction process. Applicable issues, cross-application of general laws and aviation laws, civil aviation regulations, and civil aviation normative documents.
 
Notes:
 
【1】Information from "Private Jet"
 
[2] The information comes from "Flying State"
 
[3] The sale and leaseback transaction is a special form of lease, which means that after the seller (also the lessee) sells its aircraft assets to the financial leasing company 4, and then leases the aircraft from the financial leasing company (also the lessor) It is called "leaseback". Under the sale and leaseback method, the seller is also the lessee and the buyer is also the lessor.
 
[4] See page 30 of "Research on Judicial Issues of Aircraft Leasing Transactions" published by Yu Dan Law Press.
 
[5] B registration means that the aircraft is registered in mainland China, and the aircraft obtains a Chinese nationality registration certificate; N registration means that the aircraft is registered in the United States, and the aircraft obtains a US nationality registration certificate. In order to facilitate management and identification, each country has its first code, which is the nationality mark. ICAO members choose one or two English letters and numbers to represent their country. The nationality mark of our civil aircraft is "B". The nationality designation for U.S. civil aircraft is "N".
 
[6] PPI is the abbreviation of Pre-purchase Inspection, which means pre-purchase inspection.

Author: Ding Haitao

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