Hong Kong’s yacht industry eyes mainland China buyers but challenges remain

Hong Kong’s yacht industry is seeking to attract more buyers and visitors from mainland China under a new cross-boundary travel scheme, but relatively high berthing costs could pose a challenge, industry representatives have said.

Industry leaders, exhibitors and visitors gathered in Discovery Bay on Friday for the fourth edition of the Lantau Yacht Club Boat Show, which runs until Sunday.

The show featured more than 30 vessels, including superyachts and models from international brands such as Sunseeker, Princess and Azimut.

The Southbound Yacht Travel Scheme, which allows eligible Guangdong-registered yachts to sail into Hong Kong waters, was launched last month as part of Hong Kong’s broader efforts to develop its yacht economy.

Franklin Mak, executive vice-president of hospitality at HKR International, the developer behind the Lantau Yacht Club, said the yacht economy extended beyond vessel sales to include tourism, hospitality and related services.

Tommy Ho, chairman of the Hong Kong Yachting Association, estimated that mainland buyers could account for about 200 additional yacht purchases in Hong Kong under the new scheme, while local demand was expected to remain steady.

Ho said his organisation had recently received a growing number of inquiries from mainland yacht enthusiasts interested in visiting the city, including requests for sailing routes and tourist destinations.

Liao Kai, chairman of the Zhuhai Yacht Association, said the new arrangement was also expected to strengthen links between Hong Kong’s yacht services and Zhuhai, which was a major yacht production centre.

While Hong Kong could offer mainland buyers a wider choice of international brands and quality second-hand vessels, Liao said the city’s relatively higher prices of yachts compared with the mainland could make it less attractive.

Bryan Van Dale, an international yacht-equipment supplier, said the main downside of Hong Kong’s boat business was that moorings were too expensive and in short supply.