Yachting: when recreational sport becomes an industry

In his 2025 policy address, Chief Executive (CE) John Lee has turned a recreational/sporting activity into an industry to strengthen Hong Kong’s role as a key player in Asia’s development.
“With 1 180 kilometres of shoreline and 263 islands, Hong Kong is well-positioned to become a yacht hub in Asia. We will enhance amenities for the yacht industry and promote prime yacht tourism,” he declared.

This direction deserves strong public support. A well‑developed yacht economy is not a niche concern for a small number of owners, but rather a high value‑added ecosystem that creates jobs in tourism, hospitality, marine services, finance, insurance, legal, training and events. When a large yacht berths in a city, it brings not only crew salaries and maintenance spending, but also hotel nights, restaurant business, luxury retail and demand for professional services. Industry estimates suggest a single large visiting yacht can generate over HK$100,000 per day in local economic activity through berthing, fuelling, provisioning, dining, retail and entertainment.

Hong Kong is well poised to achieve the CE’s goal. Already there are 12,323 pleasure boats in Hong Kong moored in nine marinas or clubs. Another four marinas, offering about 1000 berths, are in the planning stage.

The largest of these new marinas is at the new airport extension known as Skytopia which will offer 500 berths followed by one at Aberdeen, Hung Hom and Lamma with each providing about 200 berths.

But berths alone will not make Hong Kong a true yacht hub. Owners and captains make decisions based on the whole experience: ease of entry and clearance procedures, quality of marinas and repair services, shore‑side facilities for guests, and the overall attractiveness of the destination. If we provide the berths but not the supporting ecosystem, yachts will still choose to base themselves in other Asian ports and only visit Hong Kong briefly, or not at all.
Hong Kong also has the second highest number of superyacht ownership after Australia in the Asia-Pacific region. Australia accounts for 146 superyachts while Hong Kong has 92. Superyachts, super floating hotels exceeding 30 metres in length, are big business for the rich and famous, such as movie star Jackie Chan’s 46 metre (150-foot) JinLong 4601. Currently up for sale in Aberdeen is the 30.23 metre (90.2 foot) Riva Yacht 102 Corsaro for Euro 11,000,000 (HK$100,855,000).

The industry is huge and worth billions. Besides the boats themselves, there is a multitude of ancillary services such as ship building and sail making, electrical and mechanical engineers, cleansing services to clear the hulls of barnacles, catering services to replenish the superyachts, chandlers, etc. The industry also provides for the welfare of hundreds of coxswains and boat boys, many of whom sleep on the boats to maintain the security of the vessels.

Hong Kong is the place where there could be plenty of buyers. According to the latest 2024 Billionaire Census report from Forbes, Hong Kong maintains its position as the second city in the world, after New York, with the highest number of billionaires housing 107 ultra-wealthy individuals.

Positioning itself on the world stage, Hong Kong will host its 26th International Boat Show in December at Marina Cove. It is Hong Kong’s most prestigious and longest serving platform for boat buyers and dealers in the Asia-Pacific Region.

To make the event the international showcase for the best and latest boats, the organisers have lined up a spectacular display of the world’s most famous brands. With boats from Italy, France, Britain, Poland, Finland, USA and China, as well as accessories, engines and equipment, water sports gear and wear etc., visitors will be able to view everything in boating in this four-day event.

As a marketplace for multi-million superyachts, racing yachts, plain sailing yachts and other boats, the government’s willingness to engage with industry stakeholders signals a growing recognition of the economic and tourism potential of Hong Kong’s maritime sector. Moving forward, policy reforms and infrastructure investments will determine the city’s role in the regional yachting market. If implemented successfully, these initiatives could make Hong Kong a premier superyacht hub in Asia.

The yacht market in the city is flourishing, driven by the region`s affluent population and a growing interest in recreational boating. Hong Kong`s strategic location as a maritime hub facilitates yacht manufacturing, sales, and services, making it a prominent player in the Asia-Pacific yacht market. The increasing popularity of luxury yachts and the rising number of boat enthusiasts are propelling demand in the sector. Additionally, the development of marina facilities and recreational areas is enhancing the overall yachting experience. As environmental sustainability becomes a key focus, manufacturers are exploring eco-friendly technologies and designs in yacht production, further shaping the market`s future.

Some worry that more marinas and yacht facilities in neighbouring Greater Bay Area (GBA) cities will draw business away from Hong Kong. However, with careful planning this relationship can be complementary.

Hong Kong can serve as the command-and-control centre – the place where yachts are owned, registered, financed, insured and managed – while GBA ports provide additional cruising grounds, home berths and repair yards. With streamlined cross‑boundary schemes, a yacht can be managed and serviced in Hong Kong while enjoying the full range of GBA destinations, from island anchorages to entertainment hubs.

The yacht market in Hong Kong is thriving, bolstered by the city’s status as a luxury lifestyle hub. The government’s efforts to promote maritime tourism and enhance marina facilities are pivotal in supporting this market. Policies aimed at attracting foreign investment in the leisure marine industry, alongside initiatives to boost local tourism, will contribute to the growth of yacht ownership and associated services in Hong Kong.

Mark Pinkstone

** 博客文章文責自負,不代表本公司立場 **

When China’s Paramount Leader Deng Xiao Ping floated the idea of one country two systems for the future of Hong Kong, the west scoffed at the possibility of a communist regime and a capitalist bastion living hand in hand. Some 29 years later the prophets of doom were proven wrong as Hong Kong is now more prosperous than ever and it’s future will be more so.

For more than 150 years Hong Kong lived under a British colonial rule. There was no democracy, only authoritarian management. The succession of ruling governors were hand-picked by the Foreign and Commonwealth Office and appointed by the Prime Minister, without any consultation with the people of Hong Kong.

But the people of Hong Kong didn’t mind. If they had never seen democracy, how could they miss it. The governors were diplomats and their upper-crust training ensured that the natives were happy and that their rice bowls were filled. The diplomats got on well with the Chinese government as they knew that harmony was the key component to a successful relationship.

Then came along a politician for the first time to run Hong Kong in the name of Chris Patten, who had lost his seat in the Bath electorate, about 156 km west of London. John Major was Prime Minister at the time and a good friend of Patten. So, to make up for the political loss in Bath, Major offered Patten the cushy job of being governor of Hong Kong.

In 1992 Patten and his family arrived in Hong Kong and as a typical politician, he arrived like a bull in a china shop (pun intended). There was no diplomacy involved. Patten and Major had decided that the foreign office diplomats were pussy-footing with the Chinese during the previous decade negotiating Hong Kong’s future and a firmer stand was necessary.

Unlike his predecessors, Patten knew nothing of Chinese traditions and customs. He just could not understand Chinese mentality and that applied not only to the mainlanders but also the local Chinese. The East is East and the West is West and never the twain shall meet wrote poet Rudyard Kipling in 1889. But, in Hong Kong they did.

The Joint Declaration between Great Britain and China on the future of Hong Kong and the subsequent Basic Law (Hong Kong’s mini constitution) provided the pathway for Hong Kong’s future, including democratic elections for the city’s legislative council. But Patten was impatient and decided to introduce a fully elected legislature in 1995 immediately before the handover in 1997. This infuriated the Chinese-side, and they provided for a provisional legislature to replace Patten’s council as soon as Hong Kong was reverted to Beijing’s administration.

After 1997, Hong Kong formed its first directly elected Legislative Council in 1998, while the Chief Executive is elected by an Election Committee — a system similar to the U.S. presidential election. Hong Kong's Election Committee now has 1,500 members, whereas the U.S. Electoral College has only 538 members.

Since then, Hong Kong has flourished. The prophets of doom and Kipling were wrong. Despite many attempts by the west to dismantle the Deng formula Hong Kong is one of the most successful places on the planet. Year after year it is breaking records to the envy of many. Hong Kong has secured third place in the Global Financial Centres Index. In the latest World Competitiveness Ranking, Hong Kong's position has risen one spot further to rank second globally. And in the World Talent Ranking, Hong Kong has moved up 10 places to rank the fourth globally and the first in Asia. Hong Kong also continues to come first as the world's freest economy. And Hong Kong has what many want – stability.

The Hong Kong formula is unique and successful. Never tried before, it was seen as an experiment and the world was watching, waiting for it to fail. But the Hong Kong people are resourceful and will take any challenge head on. There is no failure.

The Hong Kong Special Administrative Region (HKSAR), established under the People’s Republic of China (PRC) Constitution, has maintained the previous capitalist system and way of life. Its common law system continues to operate, and it enjoys the free flow of people, capital, data, goods and more. The vibrancy and prosperity of the central government has always been Hong Kong's strongest backing.

Hong Kong’s 29th birthday under the PRC guidance, coincides with the 105th Anniversary of the Founding of the Communist Party of China. Naturally there have been celebrations all round, and justifiably so. Both Hong Kong and the central government are proud of what they have achieved. And both, particularly in the past year have taken top ranking as the preferred place in the world to trust and to do business.

Chief Executive John Lee, at a celebratory function on July 1 summed it up with: “Hong Kong, the Pearl of the Orient, will ride the wave of flourishing national development and sail with the wind, steering towards a brighter and more prosperous future!”

And the future is being mapped out in Hong Kong’s first five-year plan, currently under consultation with the public. The plan, a road map for future leaders to follow, will include a futuristic block of land, one third of Hong Kong’s total, to house high tech innovative research and development facilities with university, hospital and new town ancillary services. This Northern Metropolis straddles the river that acts as the boundary between Hong Kong and neighboring Shenzhen, with bridges linking the two; further proof that Hong Kong is an integral part of China.