Signed in late December 2011 and announced in a press conference, today, at 2012 Singapore Airshow, the order is scheduled to begin delivering in 2012.
In July 2011, the two parties concluded a Memorandum of Understanding in which Minsheng Financial Leasing intended to purchase Embraer executive jets, from entry level to ultra-large models.
“The agreement reinforces Embraer’s already established partnership with Minsheng Financial Leasing,” said Ernest Edwards, President, Embraer Executive Jets. “This deal, having closely followed the order of 13 Legacy 650s last October, is solid proof of the recognition and faith our Chinese customers have placed in Embraer and its products. We are confident that Embraer executive jets will play an important role in Minsheng Financial Leasing efforts to become one of the top executive aviation leasing institutions in Asia.”
“We are delighted that the two parties could achieve this agreement on Lineage 1000 aircraft,” said Kong Linshan, Chairman of Minsheng Financial Leasing Co., Ltd. “Both parties wish to offer the best products and services to Chinese customers. The Lineage 1000, with its transoceanic range, ultimate comfort and safety, will surely satisfy the demands of Chinese customers. Embraer is one of the strategic partners for Minsheng Financial Leasing, and we do wish, through the joint efforts of two sides, to promote cooperation not only between the two parties but Sino-Brazil cooperation, as well as to achieve win-win, and boost the sound development of China’s business aviation.”
The Lineage 1000 ultra-large jet provides an excellent balance of outstanding performance, cutting-edge technology and intelligent luxury. The jet is equipped with an advanced avionics suite, auto-throttle and a fly-by-wire flight control system, which provide pilots a highly intuitive and professional cockpit for safe and smooth trips. As the only jet in its category providing up to 19 passengers with five distinct, spacious cabin zones, the Lineage 1000 is the ultimate in comfort and state-of-the-art technology to facilitate work or rest in flight. Onboard amenities may include a queen-size bed, stand-up shower and complete audio and entertainment systems. A walk-in aft baggage area, also the largest among all business jets in the world, is conveniently accessible during flight. In 2011, the Lineage 1000 was awarded “Best of the Best Star Performer for 2011” by the Hurun Report, given to the product with outstanding performance and fast growing brand awareness.
About Minsheng Financial Leasing Co., Ltd
Minsheng Financial Leasing Co., Ltd. (MSFL), was established in April 2008, and is one of the first five financial leasing companies approved by the China Banking Regulatory Commission (CBRC) in China. MSFL was sponsored by China Minsheng Banking Corporation Ltd. (CMBC). The total registered capital is USD 808.7 million (RMB 5.095 billion).
Currently, MSFL assets total USD 10.8 billion (RMB 68 billion), and the company has become the leader in the respective market sectors of China’s leasing industry. As the main non-banking financial institution to engage in financial leasing, MSFL has a staff of experts specializing in shipping, aviation, large equipment manufacturing and other fields to provide professional and quality financial leasing products and services to large and SME domestic and overseas enterprises.
Since its inception, MSFL has adopted the concepts of professionalism and efficient management. According to market demands, MSFL reacts with innovation, vitality and flexibility to provide quality and complete leasing services to customers. MSFL has established a good brand image in the industry and is widely acclaimed by clients.
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