Sky's the limit for owners of private jets

In fact, the 23-year-old student from Zhejiang Economic and Trade Institute believes that the venture will turn into an industry with an output of billions of yuan.

The business Huang has been pinning his hopes on is a website which, like Ma's alibaba, serves as a middleman for buyers and sellers. Only this time it involves private aircraft. This will be one of a handful of websites in China that focus on the field.

"Within five years, it will be in full swing," said Huang, who is still finishing his degree while taking care of business. Huang said that he got the idea of launching the website while reading an article online that the central government has loosened restrictions on low-altitude airspace.

"It occurred to me that there will be a huge lucrative market," said Huang, who was brought up in Shaoxing, Zhejiang province, in a family involved in business.

The "market" Huang referred to is technically defined as "general aviation", which involves all flights, apart from military, civilian and regular cargo, both private and commercial.

Huang Tuo, a college student, started his trade website for private aircraft, hoping it will become a booming business. [Photo/provided to China Daily]

After extensive online research, the animation-design major student threw himself into a heavy work schedule to establish the website with four of his like-minded schoolmates.

"We spent more than half a year learning almost everything about the industry, from components to pilot training. The only advantage we have is time, which allows us to make moves a little ahead," Huang said.

His website, 365feiji.com, has almost turned into an encyclopedia of aircraft and related knowledge. It displays hundreds of pictures of aircraft, each categorized according to price. The pictures were bought from foreign retailers or manufacturers, which accounted for the largest share of the five students' investment, mostly borrowed from their parents.

So far, it has 3,000 registered members, including individuals and companies, and every day enjoys an average of 5,000 clicks.

Although Huang's website has yet to see a profit, he is confident, believing that the money spent will pay dividends within two years.

"Twenty years ago, people considered it a luxury to own a car, and 10 years ago no one believed we could surf online through a mobile phone," Huang said.

Huang calculated that if 5 percent of the billionaires in China, around 60,000 according to the Hurun Rich List, purchase aircraft that are priced between 2 million yuan ($313,000) and 20 million yuan, there will be an industry of 6 billion yuan at least. That does not include fees for maintaining aircraft or other sectors like pilot training and hiring.

Statistics from the China Air Transport Association support Huang's estimates. During the first half of this year, orders for private aircraft in China exceeded the total amount of the past five years, and inquiries have been doubling.

"There have been some buyers coming to us for advice about plane purchase already. Although none of the deals have been settled yet, and we charge no fee, it's a good sign," Huang said.

Huang's ambitious plan has also attracted some of the venture capital investors in the opulent Zhejiang province. "The project Huang has started is the most creative and avant garde entrepreneurship project I have seen among college students," said his tutor.

"While most of the students are trying to make a fortune by selling secondhand books or clothes, Huang has set his sights high in the sky."

China Daily