China's private jet market declines over one-third since 2017

China's private jet market has declined significantly, losing over one-third of its jets since 2017. This drop contrasts with a 20% growth in private jet ownership across the Asia-Pacific region, as countries like India and Australia thrive. Economic challenges, strict anti-corruption measures, and the COVID-19 pandemic have contributed to this decline. Wealthy individuals and companies are selling jets to cut costs, while many are relocating assets to more favorable markets like Singapore. As a result, Singapore's private jet numbers surged from 400 in 2020 to 2,000 in 2023. India has also seen a 25% increase in private aircraft since 2019, reflecting a shift in demand away from China.