Monaco and Shanghai join hands to grow yachting business
Updated: 2013-12-18 07:55
By Tuo Yannan in Brussels
As one of the alliance of the world's capital of yachting, Yacht Club de Monaco announced on Wednesday that it will enter the Chinese market by cooperation with Shanghai Yacht Club.
Founded in 1953 by Monaco Prince Rainier, the yacht club has more than 1,200 members from 60 countries.
The two sides said this collaboration will bring high-end lifestyle and yacht culture to China through the Chinese partner in the greater Shanghai region where one in four yachts is based.
The China yacht market has been growing quickly since 2005, which is expected to reach $10 billion by 2020, according to the Shanghai company.
Also encouraged by the establishment of a free trade zone in Shanghai in July and the China government's support on developing the yachting industry, Shanghai has become a hot spot for the industry.
Vivien Chow, executive director of Shanghai Yacht Club, said, "Yachting is always one of the crucial elements in the modern metropolitan life. In China, only 0.3 percent of the high net worth individuals owns yachts currently."
Bharat Book Bureau, a market research information aggregator, said in its China Yacht Market Forecast & Opportunities 2017 report that the yacht market in China is expected to grow at a compound annual growth rate of over 13 percent during the 2012-17 period.