“You’d be surprised how exacting billionaires are about price… They might want their first yacht to be European, but not mind the second or third being from China.”
—Brad Bean, managing director of Dynasty Yachts in Wuhan, China, which is a division of the Miami-based Megayacht Group
As a 35-year veteran of the yacht business, Brad Bean has personally witnessed demand outstrip supply for European-made yachts over the past few years, which has caused order backlogs several years long and skyrocketing prices. As a result, Bean, managing director of Dynasty Yachts, started looking at Wuhan, China as a potential production location. Located inland and on the Yangtze River, the port city has the advantages of inexpensive labor and no tsunamis. However, production in China is not without its obstacles, as “made-in-China” still holds a negative stigma for yachts among many Chinese buyers, who prefer their yachts built in Europe or the United States, if they have the marinas for them.
Within China itself, the potential yacht employer base is also growing as Chinese state-owned companies purchase European and British yachtmakers, such as Italy’s Ferretti and U.K.-based Sunseeker.