From wealth and waterways to manufacturing, the Greater Bay Area possesses the essential ingredients to become an international yacht hub, with the integrated economic and business zone having more to offer than many other regions, according to an industry veteran.
Luxury vessels could help unlock demand for the economy, and with its manifold strengths, Hong Kong could make a splash and turn the bay area’s potential into reality, said Paul Brackley, CEO of yachting consultancy Central Yacht and a founding member of UK’s Professional Yachtsmen’s Association.
The bay area – which links Hong Kong and Macau with nine mainland Chinese cities – could be “the most dynamic emerging yacht market across Asia”, Brackley said. “Berth expansion, new investment and government support are all encouraging.”
Known for riviera-style coastlines, islands, biodiversity and a bulging middle class alongside high-net-worth entrepreneurs, the bay area was among very few regions that also brought design and manufacturing to the table, he said.
Yachting is a serious economic sector … Unlike many luxury purchases, a yacht keeps spending money throughout its operating life
The bay area’s size and market – with its gross domestic product on par with the Tokyo metropolitan area – are well recognised, but Brackley said it was only one side of the equation.
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