BEIJING - With the aircraft business booming in China, services for used-aircraft trading are also emerging. Matthew Kelly, CEO of the Insured Aircraft Title Service (IATS), the biggest company in providing title and escrow services for aircrafts, said his business volume will be double in China next year.

"Whenever a used craft is sold to another country, it would involve title or the ownership changes," Kelly explained, "You have to de-register it in the home country and re-register it in another country, which deals with tons of paper works."

The title and escrow services are relatively new in China, since China is still buying new aircrafts while these services usually happen during used-aircraft trading, said the company.

IATS is based in Oklahoma City, US, and has been providing services since the 1960s. "Now we are doing 70 percent of the title and escrow business in the world," Kelly said. "Our job is to help processing all the paper works for different parties involves, and hold the funds until the whole registration process is finished," Kelly said, adding that IATS makes money by charging filing fees.

"Every year, only about 2,500 aircrafts are being made, so this is not a huge market like cars," Kelly said.

Recently, IATS has done escrow services for 15 aircrafts in Hong Kong. Kelly added that his company is now doing business all over China, although it entered the country only for four years.

"The Chinese market is making up only 5 percent of our global business, but it is the top potential market for us," he said.

Globally, the escrow transaction volume of IATS is $1 billion per month.

The company said the Chinese market is getting increasingly important partly because it is making its own commercial aircrafts.

"In China, everything happens very fast. I think in five years, China might start exporting aircrafts overseas. By then, our business in China will take off. "

"There are around 50 regional airports under construction across China, and I'm sure more aircrafts will be traded afterwards," he added.

Although Kelly admitted that IATS is almost a monopoly in title and escrow changes all over the world, he said he is yet to conquer the Chinese market and wait low-altitude airspace to be fully opened.

Currently, Chinese government has strict control on the low-altitude airspace, business jet owners have to go through long and complicated procedures to fly their planes.

"If the low-altitude airspace can open, I'm sure trading volume will surge, as well as our title and escrow services," he said.