High-end yacht owners in China warn that water-use restrictions and other structural gaps are hindering industry growth, even as billionaire Richard Liu’s recent venture seeks to make yachts affordable for the masses.
Following JD.com founder Richard Liu’s late February announcement of a nautical brand aimed at mass-producing yachts priced as low as 100,000 yuan, high-end owners say persistent challenges could undermine the sector’s expansion.
Guangzhou resident Wang, who purchased a two-deck yacht for over 10 million yuan several years ago, described his experience as falling 'far short' of expectations. The primary issue, he said, is water-use restrictions in the Greater Bay Area, encompassing Hong Kong, Macau, and Guangdong cities.
“Whenever I sail south past the waters of Hong Kong or Macau, I receive a call from the local police station shortly after returning to Guangdong,” Wang noted.
Owners caution that Liu’s initiative, with production in Zhuhai and headquarters in Shenzhen, will need to address these hurdles to succeed.