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People's Daily Online>>China Business

Yachting sector surfing a wave of high interest

(China Daily)

13:41, December 03, 2011

HAIKOU - During the next 10 years, China will have 100,000 new yachts and the market will be worth between 50 billion ($7.8 billion) and 100 billion yuan, a yacht industry report shows.

China's yacht market has experienced rapid development in the last two years. By the end of 2010, there were 1,500 yachts in China, with 300 of them being high-end vessels with a combined worth more than 5 million yuan, according to a report released by the China Cruise and Yacht Industry Association (CCYIA) on Friday.

Zheng Weihang, secretary-general of the CCYIA, said that there were 300 yachts in China in 2008 and only 102 of them were registered with the Maritime Safety Administration.

Distributors of international yacht brands have noted the fast development of China's yacht industry.

"The business has improved since 2008 and we are registering a double-digit rise annually," said Li Xinli, general manager of Hainan Oler Yacht Sales Co Ltd, which distributes a number of international brands in Hainan province.

Cai Zhiyi, sales manager of Sunseeker Asia Limited, said the company's business in China has the best performance in Asia, with turnover doubling last year.

Cai's company distributes the Sunseeker brand, which are high-end yachts made in Britain and priced between 10 million and 200 million yuan.

Since the brand came to China in 2003, the company's turnover has seen an average annual increase of between 20 and 30 percent, Cai said.

Chinese consumers have become more interested in larger and more expensive boats, although the best sellers are still middle-sized yachts (60 to 70 feet in length) and costing between 10 and 20 million yuan, he said.

"We started selling boats worth 200 million yuan in China this year," Cai added.

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