The wealthiest citizens of China are not a huge fans of yachts. Unlike the mega riches of other nations, they would rather purchase luxury hotels or private planes than buying boats. Once, the Italian Trade Commission figured that just one out of every 318 high-net-worth individuals in the mainland China owns a yacht, and that figure is twenty five in Hong Kong.
Now, the yacht market of China is losing yet another business source. The Chinese firms are casting out luxury boats, as they concern the ownership of this ultimate status symbol would invite unwanted attention in the midst of President Xi Jinping’s anti-graft push.
Showing off in this environment might lead to calamitous outcomes, as luxury is now connected to depravity, a crime which has as of now dragged down over seventy thousand cadres. The market actually slowed down earlier this year, as the top firms feel it is not right to purchase boats.
This suggests that the majority of yacht makers as well as sailing clubs are now losing money, said Guangdong Yacht Industry Association chairman Wu Tian. Their sufferings are combined by complicated regulations and insufficient maintenance services. Wu told that the approval procedure before setting sail that generally involves 6 departments that includes port, border defense and tourism – and each one of these just takes charge when it wants to.