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|An international yacht exhibition in Sanya Authentic Connor McDavid Jersey , Hainan province. Hainan plans to complete the construction of 25 public yacht marinas by 2030. Provided to China Daily What would you buy if you became very rich? A luxurious mansion, a private jet, perhaps a Rolls-Royce?
They are not priorities for motorcycle veteran Zhao Xuhong.
"Yachts are becoming the most popular 'toy' among the Chinese super-rich. And I believe China's yacht industry is on the eve of a great boom," said Zhao, president of Sundiro Holding Co, an A-market listed company in China. It started up with motorcycle manufacturing and now covers business as varied as coal mining to real estate development.
As the motorcycle market in China started to become saturated Authentic Leon Draisaitl Jersey , Zhao has been looking for new growth engines for his company.
Last year, he entered the business of yacht manufacturing and sales. His company has become the third in China to acquire considerable stakes in the world's top shipyards.
Sundiro just made a major investment in Italian shipyard Sanlorenzo. Both sides agreed to set up a joint venture, building yachts from 36 to 66 feet (about 10 to 20 meters) in coastal Hainan province. The company will invest as much as 25 million euros ($33.99 million) in this deal.
Compared with other Chinese companies' moves into the yacht sector, Sundiro seems very cautious. Chinese conglomerate Dalian Wanda Group was reported last June to have acquired British yachtmaker Sunseeker International for $470 million. In 2012, construction and agriculture machinery giant Shandong Heavy Industry Group bought a controlling stake in debt-laden Italian luxury yachtmaker Ferretti SpA in a deal worth about $500 million.
Based on an agreement, Sundiro will control no less than 21.74 percent of Sanlorenzo after this round of investment - and no more than 49 percent in the future.
"We are not injecting huge capital into Sanlorenzo and we are not targeting a controlling stake because we want to keep the genes of a luxury brand Connor McDavid Jersey ," said Zhao.
"Chinese companies are currently taking stakes in three of the world's top four yacht manufacturers," said Patrick Becker, chief executive officer of Bexuco Investment Consulting, based in Shanghai.
It will certainly have a strong medium- and long-term impact on the structure of China's domestic and overseas yacht markets, Becker said.
"In addition to the change of ownership structure overseas, the Chinese investors are building new yacht manufacturing facilities in China Leon Draisaitl Jersey ," he said. "The new yards in China will intensify the current Chinese market development and increase awareness for an entirely new group of customers."
Becker said on the other hand, in coming years a certain range of yachts made in China will certainly be exported back to Europe, North America and other countries based on a more competitive cost structure for these highly labor-intensive products. While brands may retain the same overall market share, their manufacturing origin might not, he added.
There's certainly ample room for growth. Figures cited by State media show there are about 1,300 private yachts in China. This compares with 17 million privately owned recreational boats in the United States Cheap Edmonton Oilers Jerseys , the world's biggest yacht market, according to industry publication International Boating Industry.
Although the economic growth of China, the world's second-largest economy, is slightly slowing down, rich people here are getting richer.
In 2013, the net assets of the top 100 richest people in China soared 44 percent from a year earlier to $316 billion. And the number of dollar billionaires rose to a record high of 168 Ryan Nugent-Hopkins Oilers Jersey , making China the country with the second-highest number of billionaires in the world, following the US and ahead of Russia, according to a recent Forbes magazine report.
Meanwhile, it seems interest in ocean sailing is soaring.
"Right now there is a significant and growing demand among wealthy Asian people and, in particular, the Chinese Oscar Klefbom Oilers Jersey , to properly enjoy yachting," said Olivier Besson, managing director of YPI Asia, an Asian joint venture run by Monaco superyacht firm Yachting Partners International Group. He said almost all of YPI Asia buyers come from the Chinese mainland.
According to a recent survey by Royal Caribbean Cruises Ltd, cruise trips are growing more and more popular with the Chinese. Based on a survey, 77.8 percent of interviewees were "very satisfied" about their cruise experience with Royal Caribbean Cruises. As many as 98.9 percent were "overall satisfied".
"It feels so different spending holidays on boats Kailer Yamamoto Oilers Jersey , whether it is on a big cruise or a private yacht, because we have only been used to onshore entertainment. It broadens Chinese people's horizons. Many people love it," said Zhang Qi, a senior vacation consultant with Shanghai Perfect Vacation.
"Yachts have a bigger market in China, compared with private jets," said Zhao.
A private jet costs about 15 million yuan ($2.47 million) for annual maintenance Mark Letestu Oilers Jersey , while the cost for a 15- to 20-meter yacht will be around 400,000 yuan. Clearly it is more affordable to a bigger group of the new rich, Zhao explained.
Meanwhile, because of strict regulations and lengthy approval procedures in the aviation sector, the jet life still seems complicated and inconvenient in China.
Sundiro mainly builds smaller yachts from 22 to 62 meters based on the Sanlorenzo design, under the joint brand of "Sanlorenzo" and "Sundiro" or just "Sundiro".
"High-end medium-size yachts are currently small in number in the China market. But demand is huge from entrepreneurs Cam Talbot Oilers Jersey , celebrities and other elites," Zhao said. He noted the price for a Sundiro yacht about 10 meters in length will be about 3 million yuan, cheaper than an ordinary flat in Beijing or Shanghai.
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