NetJets, the US-based private jet manufacturer, has signed a joint venture agreement with Chinese firms to tap the China's growing high net worth segment. 

The Berkshire Hathaway-owned firm said that NetJets China Business Aviation will be a joint venture among itself, a consortium of Chinese investors led by Hony Jinsi Investment Management and Fung Investments. Hony is a subsidiary of Chinese private equity firm Hony Capital, while Fung Investments is part of the private investment arm of the families of Dr Victor Fung and Dr William Fung, the controlling shareholders of the Li & Fung group of companies. 

The JV aims to address the growing demand in China for high-standard private jet services from both corporate and private clients. Its operational base will be in Zhuhai, a prefecture-level city by the Pearl River Delta.

"The Chinese aviation market has phenomenal growth potential and we believe that introducing the NetJets service in China will enhance our brand's global offering for customers around the globe," said Jordan Hansell, chief executive of NetJets, in a statement.

The venture is still subject to regulatory approvals.