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Growing Chinese wealthy bodes well for aircraft and yacht markets

By Leo Zhang. Richard Hu, who last year spent several millions to buy a fancy yacht, is considering a new purchase. This time, the 29-year-old entrepreneur hopes he can have a jet for short-term flight with his friends. Hu just took over his family business, which mainly deals with printing and packaging in Zhejiang Province, from his father. The family currently owns two yachts, three supercars and a raft of luxury sedans for leisure and fun. "When I was a boy, my dream was to fly in my own plane," said Hu, who has dozens of aircraft models sitting in...

Sailing Offshore in Extravagance

A Special Report on China's Yachting Industry. By James Zhang. North America is the world's largest yacht market with a share of 55.9 per cent. The United States alone produces approximately 20,000 leisure yachts per annum. There are some 1,100 yacht manufactures and more than 50 companies making marine engines and other components for them in the US with a workforce of over 500,000 staff. The unit price of most yachts sold in the US and Canada ranges from US$ 15,000 to 50,000, and the unit sales of big luxury yachts only accounts for 2.5% there. The European share of...

High Life

Private jets are highly taxable and overregulated, unless you find the right offshore jurisdiction. In the 1950s, when air travel was still a rarity, the jet set were those people who could buy a ticket from New York to Monaco on a whim. But half a century later jet travel has become common place, it's only those with the spare cash to have their own jet on standby that the term jet set really applies. Up until now those people had been primarily Westerners - as recently as last year China and Hong Kong had only 125 business jets operating...

Trouble On The High Seas

Competition among offshore registries is heating up, for some unexpected reasons By Mark Godfrey. After years of being dominated by just a few players the maritime services industry is now transforming into a competitive market place which each offshore provider competing for an advantage. This increasing competition among open registries has caused many to focus on Asia, and China in particular. The leading open registries have offices or are opening offices to service clients in China. Most notably, the International Shipping Bureau in Shanghai serves as the Far East regional service center for registration under the Panama, St. Kitts and...