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

** The blog article is the sole responsibility of the author and does not represent the position of our company. **

Without a doubt Hong Kong is a major player in global financial markets, an accolade that is being further enhanced with the city’s rising status as the top arts hub in Asia with global recognition in its sights.

International attention is focused on Hong Kong during March as it hosts a series of art-related events culminating in the world-acclaimed Art Basel Hong Kong 2026. For Hong Kong and, indeed, the art world, this is a major event where outstanding works of art are displayed and sold.

Art Basel Hong Kong kicked off locally in 2013 and has become a prominent flagship on the city’s international calendar every year thereafter. And it brings in thousands of visitors. Last year, for example, it featured 240 galleries from 42 countries and regions, attracting 85,500 visitors, half of which travelled to Hong Kong for the event. Another 240 galleries from Australia, Japan, Turkey, the Netherlands, France, Georgia, Spain and the United States are taking part in the exhibition this year.

A curtain raiser to Art Basel is the home-grown Art Central along the Central harborfront, which featured some 117 galleries with 500 artists from around the world. That makes 357 galleries featured in these two exhibitions this week.

This highlight of Hong Kong’s event calendar is a boon for our tourist industry, attracting several million visitors in a single month. Hotels are booked to capacity and bars and restaurants report an additional 15-20 per cent increase in revenue during the month. Government economists estimate that every 1.5 million tourists add HK$3 billion to Hong Kong’s Gross Domestic Product (GDP).

Since its inaugural edition in 2015, Art Central has established itself as a leading platform for innovation in contemporary art, advancing the profiles of artists and galleries and reinforcing their presence within the international art landscape.

It was Betty Fung Ching Suk-yee, CEO of the West Kowloon Cultural District Authority (WestK) who noted that the cultural industry is closely connected with finance, as family offices are increasingly looking to invest in art in Hong Kong.

“We could also work with financial institutions to encourage more of their clients to become art collectors,” she said. “It’s not going to be overnight, you might first become a member of a museum, then a patron, then you might start to buy or even donate.”

Having already developed a reputation as an art trading centre, the city is now making its mark as an arts and cultural hub, led by the continued development of WestK.

These two art exhibitions are in a place where new talent is discovered. Collectors generally buy art from well established artists like Pablo Picasso, who has a collection of about 30 pieces of his works on display at the Hong Kong Convention and Exhibition Centre. These art pieces are regarded as minor works and can be purchased for several thousand US dollars.

The art market has fully recovered from the declines due to the COVID outbreak and in 2024 sales of art works through auctions and private negotiations reached about US$39 million (HK$300 million).

The art market is full of artists that have yet to gain a following or break into the blue-chip world. Up-and-coming artists often produce top-tier quality works for a fraction of the price of blue-chip pieces because they don’t yet have the name recognition. Up and coming artists who have won competitions organised by the Sovereign Art Foundation and others have made the first step to such recognition.

Knowledge of the art world and art market is helpful, so beginners are not likely to stumble upon the next Andy Warhol. This form of investing is highly speculative compared to investing in old masters or blue-chip work. The exhibition is a showcase for new artists to make their debut to the international buyers and collectors looking for new talent with potential.

Hong Kong’s West Kowloon arts hub has signed agreements with 12 international institutions from Australia, the UK, Saudi Arabia and elsewhere, paving the way for future collaborations as the city seeks to strengthen its role as an East-meets-West cultural hub. This will help bring more international performances to the city, showcase Hong Kong productions to global audiences, support the exchange of talent and more. The agreements were signed during a two-day International Cultural Summit held in conjunction with the cultural festivities.
But the agreement which cements Hong Kong as the arts hub of Asia was that signed by Art Basel of Switzerland to continue holding Art Basel Hong Kong for the next five years.

The collaboration with Art Basel for the next five years is the result of sustained investment in Hong Kong’s role as a global financial centre, collaboration and a shared commitment to make Hong Kong a place where the arts can truly flourish.

Internationally acclaimed artists bring fame to Hong Kong, a melting pot where culture transcends borders. And even without such major events, Hong Kong’s array of galleries along Hollywood Road is a living museum of fine arts, a major tourist attraction in the city.