Virgin Blue has already succeeded; Air Asia has an impressive domestic share. I think ValuAir has a chance because the local market is very price sensitive. We could see them emerge in China once re-structuring has occurred. I give the market 6-18 months before we see success.

There is no true de-regulation or open-skies policy in Asia. Even if they are not government owned there is high degree of protectionism and favoritism towards home-based carriers.