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China Minsheng Investment partners with Luxembourg unit on business jets-Reuters

(Reuters) – China Minsheng Investment Co (CMI), the country’s biggest privately owned investment conglomerate, has teamed up with its majority owned general aviation operator in Luxembourg to buy business jets and related assets globally, marking its latest effort to expand its empire around the world.

The partnership is expected to increase Luxaviation Group’s fleet to over 200 jets, CMI said in a statement. It has more than 100 jets currently.

It would also make Luxaviation the second largest business jet operator globally after Warren Buffett’s NetJets Inc and enable its 61.3 percent owned subsidiary to expand fully in the Asian market, CMI added.

CMI has made a series of major investment overseas since the beginning of this year, including$1.5 billion to develop new financial district in London and another $5 billion to develop an industrial park in Indonesia.

CMI, which was launched last August, has set up an investment unit in Singapore and open offices in London and North America, in line with a government push for companies to do more business abroad.

The fund is led by Dong Wenbiao, former chairman of China Minsheng Banking Corp, the country’s biggest private lender.