The unmatched growth of the Chinese economy has seen the number of millionaires and billionaires literally multiplying. The huge disposable income with the Rich Chinese has attracted the luxury brands to China and all the luxury labels are working hard at consolidating their position in the Chinese market. Recent trends indicate that the super rich in the country have been developing an appetite for private jets and yachts. Companies dealing in luxury jets and mega yachts are making a beeline for China as it presents huge potential for the future. Super yacht Lady Gaga which was commissioned for a Chinese owner received a lot of industry and media attention. A one off trimaran developed for another Chinese couple reaffirmed the trend.
The private jet dealers in China have also witnessed a sudden spurt in sales. Zhuhai Cirrus General Aviation Co. Ltd, located in Southern China were themselves surprised to sell as many as 14 aircrafts in just four days of business. Despite stringent regulations governing private air travel, the trend is on an increase. The dealer is the first in China to operate as a fixed base operator that provides all aeronautical services like hangaring, fueling and maintenance. They have plans to roll out 40 fixed-base stores across China. The government has also assured to open the tightly controlled low-altitude airspace below 1,000 meters and deregulate over a period of time.
Yachting in China is still in its infancy but has the potential to outpace any other market in the world. Today, China figures prominently in the future business plans of all the European boat builders and international yacht brands. Very high import duties and stringent regulations controlling the Chinese coastal waters have so far restricted the growth so far. Despite the hurdles the market is poised for a significant growth. Forest Lake, an Illinois based company sold as many as 55 boats to owners in China last year.
Brunswick, who are the leaders in this class expect the growth to be in the region of 25% this year. They prominently displayed their 47 foot cruiser, the Meridian 441 at the Hainan fair that sells in China for $1.5 million. Big names in the field of yachting and aviation like Maserati, Martell Cognac Ferrati Group, Azimut, Lurssen and Feadship are all active in the Chinese market and helping to grow the market rapidly.