One day after officially launching Sea Expandary, JD.com founder Richard Liu signed a $723 million framework agreement with two Guangdong cities for R&D, manufacturing, and sales of affordable eco-friendly yachts targeting ordinary consumers.
Building on yesterday's launch of Sea Expandary—which introduced electric, AI-equipped entry-level yachts under €13,000 and a global ecosystem—Richard Liu (aka Liu Qiangdong, net worth ~$5.5B) has advanced the project with a 5 billion yuan ($723M) deal alongside coastal cities in Guangdong province, including production hubs in Zhuhai and Shenzhen.
The agreement spans research, manufacturing, sales, and after-sales services for Sea Expandary's headquarters. At the signing, Liu told reporters, "Yachts should be affordable for ordinary salaried workers and everyday consumers," targeting eco-friendly vessels at ~100,000 yuan ($14,500)—akin to a used car, far below traditional yachts starting at $500,000.
China's yacht sector is booming, with registrations rising from ~4,500 to nearly 10,000 in three years and 2024 exports at $600M, though trailing leaders like Italy. Liu, who owns the $450M superyacht Alnanha (130m, $45M/year to run), will not manage daily operations; Sea Expandary has its own CEO. The venture aims to grow yacht tourism amid China's expanding middle class.