ICBC Financial Leasing to be launch customer for China-produced Legacy 650s

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China's ICBC Financial Leasing has signed a deal for up to 10 Embraer Legacy 650 executive jets with Harbin Embraer Aircraft Industry (HEAI), a joint venture between Embraer and the Aviation Industry Corporation of China (AVIC).

The deal comprises five firm orders and five options, Embraer said in a statement. It will make ICBC Financial Leasing the launch customer for Harbin produced Legacy 650s.

In another statement, Embraer said that it has signed a deal with AVIC confirming that HEAI will produce Legacy 600 and 650 private jets.

"The agreement is based on the understanding of both parties about the potential demand of China's flourishing executive aviation market, and their wish to extend their decade-long strategic partnership," Embraer said in a statement.

The agreement was signed in Rio de Janeiro, and was presided over by high level political leaders from both countries.

The delivery of the joint venture's first private jet will take place by the end of 2013.

Founded in 2002, HEAI originally produced ERJ-145 regional jets, the last of which was rolled out in the second quarter of 2011.

Embraer has received a total of 154 firm orders from the China market and has delivered 116 aircraft.