Buffett’s NetJets China Growth Slowed by Austerity Moves
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NetJets Inc., the aviation unit of Warren Buffett’s Berkshire Hathaway Inc., will need about five years to make self-sustaining the chartered jet business it began last month in China, as government officials shun private jets.
The Chinese Communist Party’s austerity measures are dragging on growth for private aviation, which also faces an economic slowdown and a lack of general aviation airports, said Robert Molsbergen, president of NetJets’ executive jet management unit.