Why aren't Chinese billionaires buying superyachts
Big boats for them are taboo.
You have to be able to sell a superyacht. Hong Kong broker Eric Noyel from Asia Marine Yacht Services Ltd knows all the tricks, but none of them work with the Chinese. Once in January, Noel tried to use his 24-meter yacht to impress customers. All interested parties with deep pockets were here, including the assistant of a Chinese rich man who already had one boat and was thinking of a second, bigger. The team of Asia Marine Yacht Services hired a harpist, organized a gala dinner with a seven-course change and a rich wine list. It went great, but in the end nobody bought anything.
Boat International Magazine makes an annual list of the 200 largest yachts in the world. Only three boats on this list are owned by the Chinese, even though no other country boasts such a large number of billionaires," says Fan Yuan of Heysea Yachts.
But the Chinese know how to spend as well as Russian oligarchs or startuppers from Silicon Valley: they collect the best works of art, buy sports teams and golf courses in the same way. But big boats remain taboo for them.
The thirst for luxury is nothing, the image is everything.
Yacht sellers did not anticipate the rapid rise of Xi Jinping, who became General Secretary of the Communist Party of China Central Committee in 2012. He quickly punished more than 100,000 party members, and as a result, the big boats in the government were forced to forget about luxury dinners in expensive hotels. It's not a good time to pamper yourself. The Huang Qu Shibao»Tabloid«, controlled by the pro-government «Zhenmin Zhibao», was only happy to spread the propaganda, accusing yacht show visitors of a wasteful lifestyle and even prostitution. «Such an impudent demonstration of their wealth should be punished», the newspaper wrote, reminding that 200 million Chinese live below the poverty line.
The only way to own a superyacht in China is to oppose
The fight against corruption is not the only reason why it is archaic to be a yacht owner in China. The infrastructure needed to maintain a yacht (shipyards, equipment suppliers) is simply lacking. There are very few large marinas, so anyone thinking of buying a yacht will have to moor in Hong Kong, Singapore or Phuket. Some locals are «hiding» the boat somewhere in the Mediterranean Sea.
In 2015 the rules of operation of yachts in Chinese waters have been tightened: now there can be no more than 12 people on board. Taking into account that a yacht of any size needs a crew of six people, one can forget about big parties. Hiring a professional crew is not an easy task either.
He himself is better suited to Southeast Asia, where the policy is not so severe. He has branches in Indonesia, the Philippines, Singapore, Thailand and Vietnam. Last year Asia Marine worked with Fraser in Asia, resulting in the sale of two superyachts.
China's coastal waters are a complex area. In the north, everything is poisoned with pesticides, waste and chemical fertilizers. Qingdao, where the 2008 Olympic Games were held, fights green algae every year. In the south, in the subtropics, the water is patrolled by orderlies. There is a fight for the disputed territory, and not so long ago new artificial islands filled with soldiers were formed.
You have to be able to sell a superyacht. Hong Kong broker Eric Noyel from Asia Marine Yacht Services Ltd knows all the tricks, but none of them work with the Chinese. Once in January, Noel tried to use his 24-meter yacht to impress customers. All interested parties with deep pockets were here, including the assistant of a Chinese rich man who already had one boat and was thinking of a second, bigger. The team of Asia Marine Yacht Services hired a harpist, organized a gala dinner with a seven-course change and a rich wine list. It went great, but in the end nobody bought anything.
Boat International Magazine makes an annual list of the 200 largest yachts in the world. Only three boats on this list are owned by the Chinese, even though no other country boasts such a large number of billionaires," says Fan Yuan of Heysea Yachts.
But the Chinese know how to spend as well as Russian oligarchs or startuppers from Silicon Valley: they collect the best works of art, buy sports teams and golf courses in the same way. But big boats remain taboo for them.
The thirst for luxury is nothing, the image is everything.
Yacht sellers did not anticipate the rapid rise of Xi Jinping, who became General Secretary of the Communist Party of China Central Committee in 2012. He quickly punished more than 100,000 party members, and as a result, the big boats in the government were forced to forget about luxury dinners in expensive hotels. It's not a good time to pamper yourself. The Huang Qu Shibao»Tabloid«, controlled by the pro-government «Zhenmin Zhibao», was only happy to spread the propaganda, accusing yacht show visitors of a wasteful lifestyle and even prostitution. «Such an impudent demonstration of their wealth should be punished», the newspaper wrote, reminding that 200 million Chinese live below the poverty line.
The only way to own a superyacht in China is to oppose
The fight against corruption is not the only reason why it is archaic to be a yacht owner in China. The infrastructure needed to maintain a yacht (shipyards, equipment suppliers) is simply lacking. There are very few large marinas, so anyone thinking of buying a yacht will have to moor in Hong Kong, Singapore or Phuket. Some locals are «hiding» the boat somewhere in the Mediterranean Sea.
In 2015 the rules of operation of yachts in Chinese waters have been tightened: now there can be no more than 12 people on board. Taking into account that a yacht of any size needs a crew of six people, one can forget about big parties. Hiring a professional crew is not an easy task either.
He himself is better suited to Southeast Asia, where the policy is not so severe. He has branches in Indonesia, the Philippines, Singapore, Thailand and Vietnam. Last year Asia Marine worked with Fraser in Asia, resulting in the sale of two superyachts.
China's coastal waters are a complex area. In the north, everything is poisoned with pesticides, waste and chemical fertilizers. Qingdao, where the 2008 Olympic Games were held, fights green algae every year. In the south, in the subtropics, the water is patrolled by orderlies. There is a fight for the disputed territory, and not so long ago new artificial islands filled with soldiers were formed.