China’s yacht makers are making a comeback selling superyachts at home, and exporting a few abroad
Mainland Chinese manufacturers say the yacht market is recovering from a three-year slump brought about by Beijing’s anti-corruption campaign
Following the 2008 financial crisis, China rapidly emerged as the great prospect for the world’s leading motor yacht brands. They rushed into the market and exhibitions were quickly organised.
In 2012 and 2013, Chinese companies acquired controlling interests in Sunseeker and Ferretti – two of the most famous global yacht brands. China, it seemed, was on track to join the elite world of yachting.
“It was zero to whatever number you could think of, and we all thought it would continue,” says Yuan Fang, CEO of Heysea Yacht Group from their yard in the southern city of Jiangmen, Guangdong province.
But the sunny optimism came crashing down after 2013. President Xi Jinping’s anti-corruption campaign announced in late 2012 meant extravagant symbols of wealth like luxury yachts were regarded as unwelcome beacons that might attract the interest of the authorities.
“The China market is pretty much dead after more than three years of anti-graft policy,” says Gordon Hui of Sunseeker Asia, which has struggled in China despite Chinese ownership. China’s 43.65 per cent import tax on yachts was another factor. And while Hui is bullish about emerging markets in Southeast Asia, he doesn’t expect any radical changes on China’s horizon.
