HONG KONG: With their sleek, modern lines and polished finish, the two yachts built by Samuel Wong's shipyard fit right in among the multimillion-dollar floating palaces moored at a tony Hong Kong yacht club. Onboard, a disco ball, karaoke system and garish neon blue accent lighting in the living quarters are hints that the vessel is aimed at the luxury yacht industry's newest growth market: wealthy Chinese. Yacht makers are hoping they will be the latest to benefit from China's booming economy, which is creating a growing class of wealthy tycoons splurging on luxury lifestyle pursuits. Rich Chinese are already known for spending lavish sums of money on flashy apartments, designer labels such as Louis Vuitton and high-end cars such as Porsches and Rolls-Royces. “People in China first will buy houses. Then cars. Then the next step will be the yacht industry,” Wong said hopefully at a recent boat expo in Hong Kong. His family-owned shipyard located in Zhuhai, across the border from Macau in mainland China, has been building fishing and house boats for 40 years. Two years ago, it expanded into luxury yachts under the Accelera brand, a name chosen for its vaguely European sound. That illustrates another recent trend: Chinese companies are expanding into high-end boatbuilding, a field traditionally dominated by the Americans and Europeans. But in Wong's favor are high import duties for foreign yachts, part of China's strategy to help companies in a range of industries develop into global competitors. About 20 companies in China, including 11 backed by foreign investment, are producing superyachts, which some define as longer than 24 meters (80 feet). Hong Kong-based Kingship Marine is building a 144-footer at its yard in Zhongshan in China's southern Guangdong province. The company hasn't found a buyer yet for the $27 million vessel, which is the biggest being built in China, but Managing Director Roger Liang believes there won't be any shortage of interest.
