Hong Kong aims for share of HK$350 billion yacht industry as travel scheme launches
Hong Kong can capture a share of the global yacht industry, which is expected to reach HK$350 billion (US$44.6 billion) in six years, a senior official has said as the city launched the Southbound Yacht Travel Scheme, with the transport minister announcing new measures to attract overseas captains. The scheme is part of the government’s broader plan to develop Hong Kong’s yacht economy, as…
Hong Kong aims to capture a portion of the global yacht industry, which is projected to reach HK$350 billion (US$44.6 billion) by 2032, according to a senior official. This aspiration was highlighted as the city unveiled the Southbound Yacht Travel Scheme, alongside new measures to entice overseas captains. The scheme aligns with the government's broader strategy to bolster Hong Kong's yacht economy, as detailed in the city's inaugural five-year plan and the most recent policy address.
The Southbound Yacht Travel Scheme permits Chinese vessels to register via the Marine Department's Electronic Business System, allowing them to sail within Hong Kong waters. Deputy Financial Secretary Michael Wong Wai-lun, speaking at the scheme's launch, projected the global yacht market would reach the HK$350 billion target by 2032.
He emphasized that Hong Kong already houses around 6,000 superyachts exceeding 30 meters in length, with over 90 of these vessels currently based in the city. Wong further announced that the government plans to implement additional initiatives to further grow the yacht economy.
Written by urgent.news from South China Morning Post - Hong Kong's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
