Who wouldn’t want to own a yacht in China?
With the China luxury car market absolutely booming, yacht makers are hoping to become the latest to benefit from the recent influx of wealthy Chinese. According to financial fetish types at Forbes there are approximately 875,000 Chinese millionaires and nearly half of them want to buy a yacht.
This information comes as no surprise, as rich Chinese are already known for dropping lavish sums on flashy residences, designer labels and exotic automobiles. Samuel Wong, maker of Accelera 83 yachts predicts the wealthy Chinese will first buy houses, then cars, and then luxury yachts. Wong’s family owned shipyard is located in Zhuhai.
The U.S. and Europe have traditionally dominated the luxury yacht industry, but high import duties for foreign yachts will work to Wong’s advantage. Imported boats are subject to an import duty of at least 43% while locally made watercraft a mere 15%. This is similar to the luxury tax imposed on foreign cars, and no real evidence has determined thus far if it impacts sales overall.
The motor yacht market in China is in its infancy, though there are around 20 companies currently producing superyachts, 11 of them backed by foreign investment. Kingship Marine in Zhongshan is currently constructing a massive 144-foot megayacht that will sell for $27 million (no buyer yet).
Rather than soak in envy, why not cruise through our affordable selection of private yacht charters in Miami and Chicago? Who knows, your next vacation could be your best!
Post by Imagine Lifestyles Luxury Rentals