Wenzhou funds buy cruiser
Source: Xinhua |
March 9, 2012, Friday
|
Print Edition
Print Edition
THE world's only six-star, two-hull cruise ship, bought by entrepreneurs in east China's Wenzhou, sailed on her maiden voyage from Hong Kong's Victoria harbor yesterday.
The ship, named "China Star" and the Chinese mainland's first luxury cruiser, is owned by the Wenzhou-based China Cruise Co.
The company has invested 500 million yuan (US$79.15 million) in purchasing and refurbishing the vessel, which can accommodate nearly 400 people across its 172 rooms and 12 floors.
Wenzhou is an economic hub known for its successful entrepreneurs and abundant private capital, but this is an effort by investors to expand their options amid the global economic downturn and in the aftermath of the debt crisis.
In 2010, the local government said the city's private funds had amounted to 600 billion yuan, and would increase by 14 percent annually. The figure now stands between 800 billion and 1 trillion yuan, said Zhou Dewen, director of the city's small- and medium-sized enterprise association.
The private funds had formerly gone into real estate and manufacturing, along with stocks and futures market, making colossal profits.
To open up new area of investment potential, a local businessman named Huang Weijian raised over 5 billion yuan and set up Wenzhou Private Capital Investment Service Center with over 10 private entrepreneurs based in Wenzhou.
Last year, at the suggestion of the center, which looks for suitable investment projects for enterprises, a group of Wenzhou business people set up a fund to set up China Cruise Co. Huang said he is confident ocean tourism will flourish in China.
The ship, named "China Star" and the Chinese mainland's first luxury cruiser, is owned by the Wenzhou-based China Cruise Co.
The company has invested 500 million yuan (US$79.15 million) in purchasing and refurbishing the vessel, which can accommodate nearly 400 people across its 172 rooms and 12 floors.
Wenzhou is an economic hub known for its successful entrepreneurs and abundant private capital, but this is an effort by investors to expand their options amid the global economic downturn and in the aftermath of the debt crisis.
In 2010, the local government said the city's private funds had amounted to 600 billion yuan, and would increase by 14 percent annually. The figure now stands between 800 billion and 1 trillion yuan, said Zhou Dewen, director of the city's small- and medium-sized enterprise association.
The private funds had formerly gone into real estate and manufacturing, along with stocks and futures market, making colossal profits.
To open up new area of investment potential, a local businessman named Huang Weijian raised over 5 billion yuan and set up Wenzhou Private Capital Investment Service Center with over 10 private entrepreneurs based in Wenzhou.
Last year, at the suggestion of the center, which looks for suitable investment projects for enterprises, a group of Wenzhou business people set up a fund to set up China Cruise Co. Huang said he is confident ocean tourism will flourish in China.
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