Bright future on the horizon for nation's yacht builders
By Wang Yanlin |
April 9, 2010, Friday
|
Print Edition
Print Edition
China's yachting industry is poised to set sail after the global financial crisis shook up the industry around the world and produced many new opportunities, industry observers said at the 15th China (Shanghai) International Boat Show which opened yesterday.
"We learn from foreign experience that the yachting industry will have a fast expansion when a country's GDP per capita surpasses US$4,000. In China's big cities like Shanghai, Beijing and Guangzhou, the GDP per capita has grown above that line, which means the timing is right," said Yang Xinfa, vice secretary general of the China Association of the National Shipbuilding Industry.
"The global yachting industry had a reshuffle last year when the financial crisis hit the market. China's yachting manufacturers were not exempted from the bad influence. However, some of them caught opportunities to take over valuable assets from overseas rivals and narrowed the gap with foreign peers."
China has more than 200 yacht manufacturers. Even amid the global financial crisis, they still managed to export yachts worth more than US$170 million last year.
Zhejiang Shengyu Marine Sales Ltd was one of the winners. It spent 100 million yuan (US$14.6 million) acquiring Italian yacht builder Dalla Pieta last year and its advanced technology and a strong design team.
"The deal helped us to quickly gain an edge in branding and designing, an important step for us to become an internationally recognized yacht maker," said General Manager Lisa Yu.
According to a survey by the Hurun Report, there are 875,000 millionaires in China, and almost half of them dream of buying a boat.
But you don't have to be rich to enjoy messing about in boats.
"Ordinary people don't have to own a boat to go yachting," Yang said. "China now has more than 60 clubs offering yachting services, and renting a boat is a practical way to promote the activity among consumers and make the industry take off."
The boat show, the largest of its kind in Asia, is on until Sunday at the Shanghai Exhibition Center.
"We learn from foreign experience that the yachting industry will have a fast expansion when a country's GDP per capita surpasses US$4,000. In China's big cities like Shanghai, Beijing and Guangzhou, the GDP per capita has grown above that line, which means the timing is right," said Yang Xinfa, vice secretary general of the China Association of the National Shipbuilding Industry.
"The global yachting industry had a reshuffle last year when the financial crisis hit the market. China's yachting manufacturers were not exempted from the bad influence. However, some of them caught opportunities to take over valuable assets from overseas rivals and narrowed the gap with foreign peers."
China has more than 200 yacht manufacturers. Even amid the global financial crisis, they still managed to export yachts worth more than US$170 million last year.
Zhejiang Shengyu Marine Sales Ltd was one of the winners. It spent 100 million yuan (US$14.6 million) acquiring Italian yacht builder Dalla Pieta last year and its advanced technology and a strong design team.
"The deal helped us to quickly gain an edge in branding and designing, an important step for us to become an internationally recognized yacht maker," said General Manager Lisa Yu.
According to a survey by the Hurun Report, there are 875,000 millionaires in China, and almost half of them dream of buying a boat.
But you don't have to be rich to enjoy messing about in boats.
"Ordinary people don't have to own a boat to go yachting," Yang said. "China now has more than 60 clubs offering yachting services, and renting a boat is a practical way to promote the activity among consumers and make the industry take off."
The boat show, the largest of its kind in Asia, is on until Sunday at the Shanghai Exhibition Center.
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