UPDATE 1-China's Minsheng orders 13 jets from Embraer

Mon Oct 10, 2011 3:54pm EDT

* Delivery of Legacy 650 jets to begin this year

* Embraer and Chinese leasing company had signed agreement

* Deal worth about $393 mln at list prices

SAO PAULO, Oct 10 (Reuters) - Brazil's Embraer SA , the world's third-largest commercial plane maker, announced an order for 13 Legacy 650 executive jets by Minsheng Financial Leasing Co in China for delivery beginning this year.

Embraer said in a news release on Monday the order followed a memorandum of understanding the companies signed in July for up to 20 business jets.

At list prices, the order announced on Monday is worth about $393 million. An Embraer spokesman declined to give the actual value of the deal.

Embraer shares were up 3.1 percent in Sao Paulo trading after the announcement, in line with a rise on the broader Bovespa stock index .

The rapid growth of air travel in China has made it a key market for Embraer, but the company has not received permission to produce its popular E-Jet family of regional aircraft there, in part because China is developing a similar plane.

Instead, Embraer has increased its focus on China's executive aviation market, reaching a deal in April to start assembling smaller business jets in China.

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