The Growing Interest In Luxury Yachts By Wealthy Chinese
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Over the last couple of years, interest in luxury yachts has increased among affluent Chinese. The following are articles detailing the trend, the appeal of yachts to the Chinese consumer, and the expectations of yacht makers in this newer market.
The machinery maker Shandong Heavy Industry Group sealed a deal Tuesday to take a 75 percent stake in the debt-laden Italian luxury yacht maker Ferretti, the latest in a series of Chinese acquisitions of European brands. Read the full New York Times article here.
Industry insiders have called for making yachting more accessible to the general public during a yacht exhibition held in the first half of this month in northern China. Read the full China Daily article here.
China has become the world’s hottest market for luxury cars, creating a gold rush for mostly foreign automakers. Could super-yachts, perhaps the ultimate symbol of luxury leisure, be next? Read the full Forbes article here.
…Mr Hui, the boss of the Asia operations of UK yacht-builder Sunseeker, is poised to seal a massive deal worth potentially up to 20m pounds ($33m) to sell five yachts - two over a 100 feet (30m) - to a mainland Chinese customer. Read the full BBC article here.
On Friday, the Adastra Superyacht was launched in China’s Pearl River. The $15 million, 140-foot vessel floated majestically above the river, looking more like a spacecraft than an actual vehicle. Read the full Fox News article here.
Yachting in China is still in its infancy. While several marinas have been developed along the country’s eastern coast in the past five years, Chinese coastal waters are still strictly regulated, and import duties of 43 percent have dampened the development of a vibrant yachting culture. Read the full New York Times article here.
With their sleek, modern lines and polished finish, the two yachts built by Samuel Wong’s shipyard fit right in among the multimillion-dollar floating palaces moored at a tony Hong Kong yacht club. Read the full USA Today article here.