Embraer and Minsheng Financial Leasing have signed a memorandum of understanding for the purchase of 20 full line executive jets.

In a ceremony held at Embraer’s headquarters in São José dos Campos, São Paulo, Brazil, both parties said the deal is expected to be fully converted into firm orders over the next five years with deliveries set to commence in 2011.

“China’s business aviation market, as one of the greatest potential markets in the world, continues to signify the importance of business aviation in a global economy,” said Ernest Edwards, president, Embraer Executive Jets.

“We are glad to be selected as the partner of Minsheng Financial Leasing to jointly promote the development of China’s executive aviation market.

“Both parties have full confidence that Embraer’s full line of state-of-the-art executive products will surely satisfy China’s market demands, to which the deal itself eloquently witnesses.”

As the world’s only manufacturer to offer a full line of executive jets, from the entry level to ultra-large categories, Embraer accounted for 19 per cent of the global executive aviation market deliveries in 2010.

With this memorandum, Embraer is seeking to further consolidates its presence in China’s business aviation market, following the Company’s announcement in April 2011 to cooperate with AVIC (Aviation Industry Corporation of China) to assemble business jets in China.

“This MoU laid a solid foundation for Minsheng Financial Leasing to be the top executive aviation leasing institution in Asia, and for Embraer to strengthen its penetration of China’s executive aviation market,” said Kong Linshan, chairman Minsheng Financial Leasing.

“Our company will continuously expand its executive jets fleet and Embraer will surely be our important partner.

“We look forward to a long-term partnership with Embraer to jointly promote the robust development of China’s executive aviation market by taking advantage of each party’s strengths.”