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Chinese businessman buys his own airliner from America … a snip at US$500,000

A businessman from southwest China has bought his own airliner for about US$500,000 and shipped it back to his hometown, according to a newspaper report.

The man, whose full name was not given, bought the Boeing 737-300 in the US, the Chengdu Commercial Daily said.

The entrepreneur had first tried to buy a retired aircraft in China, but was discouraged by the amount of red tape involved, the report said.

The businessman led a five-member negotiation team and it took them three months to agree on the final price for the aircraft in the US, which was no longer in operational service.

The total cost for buying and shipping the airliner back was eight million yuan (HK$9.1 million), the report said.

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It will take two months to fully assemble and renovate the aircraft, a technician in charge of assembling the plane in Beijing was quoted as saying.

The plane will be transported to the businessman’s hometown in Guanghan in Sichuan province where it will be put in an aviation park near an aeronautical engineering institute. There are no plans to fly the aircraft.

China’s super rich have increasingly been buying smaller private jets for transport and as a status symbol.