Monday, October 3, 2011

The Rise of the Dragon

Is China ready to enter the global Superyacht construction market? They have been knocking on the door for a few years now but they seem to be ready to take on some of the worlds leading yards according to the cover story of the September issue of Superyacht Business.

Due to the rise in their economy and the ever growing wealth with the recent anouncement of their one millionth millionaire, their yacht sales reached a total of $260m US dollars in 2010 which was an increase of 142% from 2009. Government support and the rapidly growing shore line development, where most developments have marina's has also contributed to the rise in the yacht market. It is suggested that yacht sales will rise by 20 to 30 per cent annually over the next 5 years.

China have a lot of up and coming yards which include Zhuhai Sunbird yachts, IAG and Jet Tern. some of the most well know yards in china would be Cheoy Lee, McConaghy and Kingship.

Currently McConaghy yachts are in the middle of constructing Adastra a 141ft trimaran for a Hong Kong based client who is keen on long rage ocean cruising.

Kingship have just signed a contract for the construction of a new 246ft expedition mega yacht project name Arctic Whale. She will be able to accommodate 12 guests in 6 en suite cabins on expeditions to the most remote corners of the world.

The dragon is starting to rise and China's Superyacht industry is starting to become a major player in the industry.

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