People take pictures next to a helicopter at the Asian Business Aviation Conference and Exhibition on Tuesday in Shanghai. Photo: CFP

The largest business aircraft show in Asia concluded Thursday, having attracted more than 180 exhibitors. Nearly 40 planes were on display at the Asian Business Aviation Conference and Exhibition (ABACE).

However, the pace of growth in China's corporate jet market has slowed down for the first time since 2011.

By the end of March this year, the number of corporate jets in China, including Macao and Hong Kong, reached nearly 300, representing annualized growth of 40 percent, Wang Zhiqing, vice-director of the Civil Aviation Administration of China, said at the ABACE opening ceremony. This, however, is a slowdown from the average annual growth of 54.7 percent in the last three years, Wang noted.

Wang attributed the slowdown mainly to the lack of infrastructure construction and restrictions on flight schedules in China, as well as the limited number of general aviation airports.

"There have been signs of oversupply in the corporate jet market in China," Lin Zhijie, an aviation market watcher, told the Global Times Thursday. In the past, buyers had to wait for delivery, but now some jets are delivered right after being ordered, Lin noted.

It is hard for companies offering corporate jet services to make a profit, he said.

Insiders also noted that it takes months to get approval for corporate jets to fly on routes to big cities such as Beijing and Shanghai.

Nonetheless, large companies are still confident in the domestic market.

Hong Kong-based Asian Sky Group, an aviation consulting services provider, released a report on Monday claiming that there are 371 corporate jets operating in China, including 248 in the Chinese mainland, and it predicted that the number will grow by 74 airplanes this year, up 20 percent from last year.

The report said the two dominant market players are Gulfstream and Bombardier.

Liao Xuefeng, CEO of China Business Aviation Group, told the Global Times Thursday that development of the corporate jet market in China had entered a more rational stage compared with the boom in recent years. But he believes there is still more room for further development compared with developed countries.

On Tuesday, Minsheng Financial Leasing placed an order with Gulfstream for 60 aircraft, one of the largest orders Gulfstream has ever received.

Boeing also said in a press release on Monday that five Boeing Business Jets have entered service in China in 2013, and said that the domestic market for ultra-long-range business jets continues to grow.

Steve Taylor, president of Boeing Business Jets, said that China is still a strong market, as more Chinese companies are increasing their international presence.

Airbus released on April 10 the findings of a study it had conducted, predicting that the number of billionaires in China will grow from some 470 in 2012 to around 1,040 in 2017, roughly matching the number in the USA.

The study found that Chinese billionaires are relatively young, with an average age of 49, and said that they tend to be bigger spenders than those who have possessed their fortunes for longer.

Bombardier also said at ABACE that it had delivered 107 cooperate jets in China by the end of 2013, giving it a 32 percent share of the market.