大成研究 |【英文版】产权共享：公务机可以这样买 Property Sharing or Fractional Owner

In countries and regions where business aviation is developed, property sharing or fractional ownership has been one of the well-established models for business aviation, which, through the integration of resources within the legal framework, promotes the lowering of business aviation pricing and the expansion of user groups. In China, property sharing has attracted more and more attention from business aircraft operators and potential users.

There is no obstacle for the model of business aircraft property sharing to be adopted in China based on relevant laws and regulations such as the Property Law. Besides, from the perspective of rights registration, this model is feasible under the existing rights registration system in China.

From the development of overseas business aviation market, there are mainly four ways of property and use right sharing for business aircraft.

The first is property sharing. Co-owners buy fractional ownership of business aircraft in accordance with a proportion determined by their respective flight hours. The second is joint purchase of aircraft, which means at least two individuals or enterprises or institutions jointly buy or lease one aircraft. The third is sharing of usage rights. One operator, when not operating the aircraft under its management, can provide it to other users to share the flight hours. The fourth is the flight fund and other financing channels. The flight fund is a type of investment product jointly offered by business aircraft service enterprises and fund management companies. Clients who buy such a fund can get free flight hours from business aircraft service enterprises in addition to the investment returns.

The emergence of the property sharing model reflects that business aviation users and stakeholders are attaching more importance to the use efficiency of industry resources. This model will also lead to an increased efficiency of business aviation operation. However, we must be aware that China’s business aviation market is still confronted with a lot of difficulties in property sharing in terms of product development and market cultivation.

China’s business aviation market is still immature despite of its leap-forward development. There is still a gap between trusteeship and charter flights business; the users of business aviation service have not thoroughly changed their old consumption concept and has not regarded business aircraft as a mere means of transportation; property-sharing products are also confronted with difficulties in financing as domestic financing institutions are extremely reluctant to finance fractional ownership, and there are no established laws and regulations specifically governing fractional ownership under the existing legal framework.

Despite the constraints of external environment and conditions, property sharing still has some irreplaceable advantages in the development of business aircraft market.

First of all, unlike simple leasing, the fractional owners can mortgage, sell or otherwise dispose of the property of business aircraft.

Secondly, the core issue of this model is how to solve the conflict in use of business aircraft, which can be resolved by signing of Dry-Lease Aircraft Exchange Agreement among shared property owners.

Thirdly, property-sharing products are customized for clients with an annual demand for business aircraft service exceeding 100 hours, and therefore are superior to other existing products in current market in terms of operating cost, timeliness and utilization rate.

In order to turn the advantages into a winning position, business aviation operators and all relevant parties in the industry shall work together to jointly promote the development of the industry.

本文首发于《今日民航IFLY》

作者介绍

周瑶

大成北京总部合伙人

执业领域：

银行金融、飞机融资/租赁、外商直接投资、并购重组

e-mail：yao.zhou@dentons.cn

作者介绍

吴启昂

大成北京总部律师助理

执业领域：

银行金融、并购、合规

e-mail：

qiang.wu@dentons.cn

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