NetJets, the business-jet operator owned by Warren Buffet’s Berkshire Hathaway (BRK.A, BRK.B.NYSE), announced plans to form a joint venture in China to meet rising demand for luxury flights, Bloomberg reported. Chinese funds Hony Capital and Fung Investments have taken an unspecified share in the venture, which will be based in Zhuhai, Guangdong province. Rival Swiss VistaJet also announced Tuesday that it would team up with Air China (601111.SH, 0753.HKG), the country’s largest carrier, to open a business-jet base in Beijing, Reuters reported. The Swiss company said that it had a US$2 billion order backlog and planned to double its fleet size to more than 60 aircraft by 2015. China’s executive jet market is still small, with about 150 private jets at the end of last year, but the sector is expected to grow quickly to meet demand from an increasing number of wealthy Chinese and multinationals.