Guangdong’s Opportunity in Yacht Industry   ( 2012/08/08 )

The Guangdong Provincial Government has published “The Coastal Tourism Development Plan of Guangdong (2011-2020)” (the “Plan”) in July this year. According to the Plan, Guangdong will develop 29 coastal “leisure” hotspots in the next 9 years, investing over RMB110 billion. In addition, Zhuhai will be developed as Guangdong’s “International Business & Leisure Spot”, utlilising the high-end tourism resources from Hong Kong and Macau. The emphasis is to build yacht bases, eco-parks, international commercial and exhibition centre, coastal theme parks, golf clubs, and water sports centers.

In a bid to capture yachting industry opportunities in China, the Guangdong Provincial Government has stated in the Plan that the yacht-tourism-related industries will be widely developed by building 4 yachting bases in Guangzhou, Zhuhai, and Shenzhen. According to the Plan, Zhuhai will become the first “Yacht City” in China with a focus on middle to high-end yacht manufacturing. It is hoped that the integration of production, service and business management will transform Zhuhai into a yacht tourism hub.

The economic benefits to Guangdong Province derived from the Plan are not difficult to foresee as the economic impact of superyachts is immense and should not be underestimated. According to “Economic Analysis of the Superyacht Industry” released in February this year, the direct and indirect impact of the contribution made by the superyacht industry to the global economy in 2010 were €13.76 billion and €10.24 billion, respectively. Also, it estimated that the superyacht-related business support around 115,000 to 130,000 land-based jobs, produce an extra 100,000 jobs for contractors and day worker jobs, and 33,000 crew members worldwide each year.

While Guangdong is aggressively developing its yachting industry, Hong Kong is poised to benefit so long as we grasp the opportunity in a timely manner. In the next blog entry, we will discuss how and why Hong Kong has a vital role in the yacht industry.

Further reading:
1. “The Coastal Tourism Development Plan of Guangdong (2011-2020)” (Chinese only)
2. “Economic Analysis of the Superyacht Industry” by SuperyachtIntelligence.com






To receive the latest news of The Baroque on Lamma, please register with your e-mail address with us now.

Back to list