China’s yacht industry is expected to see 30 percent annual growth, with its market value projected to reach 15 billion yuan ($2.42 billion) inthe next five years, predicts Fortune Character Institute.
However, the market is still quite small, says the Institute in its 2014 Yacht Report released on April 10 in Shanghai.
In China, yachts worth 4.15 billion yuan were sold last year, with those with a price tag of less than two billion yuan accounting for 50.6percent, according to the report.
But the industry is becoming popular and is now not limited to just the super rich, according to Zhou Ting, the report’s lead researcher.
The market of luxury yachts for commercial use is expected to shrink while demand of small yachts for personal use will see growth.
China saw a 14 percent increase in the value of yachts imported last year, which totalled $ 250 million, but the average price at $65,500 perunit was down by 12 percent.
In addition to the report, the institute also released the City Development Index for the Yacht Industry. With the benchmark score set at 100,the higher the score a city gets the bigger potential it has to develop the sector.
Hainan Province’s Sanya City ranked number three in the country with a score of 38 due to plenty of ocean resources, a pleasant climate and strong economic growth potential. A yearly show in the city attracts 20 yacht brands including top five world brands. The only cities with a higher score were Qingdao, with a score of 43, and Shanghai, with a score of 51.


SOURCE: China Daily
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