China will see a soaring demand of around 2,300 business jets in the next five years, pushing the industry's worth up to $103.5 billion, according to the joint report released by Minsheng Financial Leasing and Hurun Research Institute.

"Business aviation in China has enormous potential," said Rupert Hoogewerf, chairman of Hurun Report.

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There are only 300 business jets operating in the country against 1,420 affordable buyers. Hoogewerf said that the demand for the industry will increase to 2,300 from 1,750 in the next five years.

According to the 2016 China Business Aviation Special Report, locating flight plan approval and landing rights and being under scrutiny amidst the anti-corruption campaign are two of the main reasons why people are hesitant to buy.

Meanwhile, Chinese business jet buyers value time efficiency and sense of independence the most.

"China's business jet market is growing steadily," Jean-Michel Jacod, CEO of aviation firm Dassault Falcon, said.

On the other hand, South China Morning Post reported that there is an increasing number of Chinese business jet buyers turning into sellers. Thus, it is expecting that jet prices are unlikely to fly high anytime soon.

"Prices have struggled, certainly," David Dixon, Asia president of aircraft broker Jetcraft. He further cited the numerous factors affecting jet prices including the decline of oil, gas and natural resources like coal and mine; the strengthening of US dollars compared with other currencies; and politics in Brazil, China, and Russia.

"There is a real shift today in the business that's about China: it is that aircraft are being sold out of the country as opposed to into the country," Jay Mesigner, a US-based aircraft broker, said.

TagsBusiness Jets, aviation industry, business