Chinese Yacht Buyers Pushing Global Demand Higher

Superyachts have long been a staple for the world’s rich and famous and now, it is China which is snapping up the multi-million pound boats. In 2013, the British yacht-building company Sunseeker Yachts was bought by China’s richest man Wang Jianlin for nearly $500 million.

Since then demand has risen, with more than half of the company’s customers now coming from outside Europe.

You’d be forgiven for mistaking this yacht as a designer penthouse. Every gadget and parts in this decadent home, which sleeps 12, are made to the highest luxurious standard.

This is the world of the superyachts – a world the Chinese market is tapping into.

Stewart McIntyre, managing director at Sunseeker, said: “The way the Chinese economy works, they’ve clear got a lot of very, very wealthy people and they’ve got into boat fairly quickly along with other luxury assets like cars, helicopters and private jets.”

At the London Boat Show, there are plenty of high-net worth individuals ready to snap up luxury on the water. And just like property in London, so many of these superyachts are being sold to customers outside of Britain.

More than a third of Sunseeker’s orders now come from customers outside of the EU and according to a report, yacht sales in China are set to grow 13% from 2012 to 2017.

Such is the growing demand in China for superyachts that yacht makers are now starting to install special features that appear to the wealthy Chinese market.

Whether it’s a custom made karaoke room or a mahjong table being installed on the upper deck, yacht makers are going the extra mile for the Chinese customer who is spending in excess of $16 million.”

The culture of boating in China is also different, these yachts are not being used to sail the high seas – but instead being used for business and entertaining.

“Apart from boardrooms, karaoke rooms and mahjong rooms on their boats, they like luxury and the like things that are new. They like the latest products, latest materials and latest fabric according to their specifications and their lifestyle,” explained McIntyre.

Despite the growing success in China for British yacht builders, gaining an even stronger foothold will not be easy.

European yacht exporters have to pay a 43% import tax on vessels sold to the mainland. But if the success continues, this slice of British luxury looks set to fill up Hong Kong Harbour for some time to come.