200 Ultra High Net Worth Individuals Invited To Upcoming Show
With China becoming one of the world’s newest and fastest-growing yacht markets (for international yacht makers as well as new domestic upstarts), we’ve seen the number of annual boat shows taking place in the country increase exponentially in recent years. Though China continues to mull a punitive yacht tax on top of the usual luxury and import taxes, high net worth Chinese continue to take part in events like the Hainan Rendez-Vous and Shanghai International Boat Show, with some all too eager to write out a check on the spot.
Considering the yacht exhibition market is, like almost every other market in China, getting increasingly crowded, shows are starting to take extra measures to court big spenders. One of these shows, the upcoming China (Xiamen) International Boat Show in southeastern Fujian Province, which bills itself as the “largest luxury yacht exhibition in China,” is going the exclusivity route and sending 200 invitations to a select group of super-rich Chinese. As Xiamen Daily (via What’s on Xiamen) reports, the event–set to take place in Xiamen’s Wuyuan Bay from November 4-7–is focusing primarily on China’s ultra high net worth individuals, giving extra attention to those worth more than 500 million yuan (US$77 million).
This year’s Xiamen International Boat Show will be its third iteration, and organizers think their targeted invitations could see sales beat the 36 yachts and boats (worth 129 million yuan, or US$20 million) sold at last year’s event. Already this year, according to the event organizers, aspiring yachters in Xiamen and neighboring cities in Fujian Province have purchased 21 yachts, worth an estimated 160 million yuan (US$24.7 million). Currently, a Ferrari yacht worth 32 million yuan (US$4.9 million) holds the title of most expensive boat in Xiamen, but as the Xiamen Daily notes this week, that title looks set to fall in a matter of weeks, as a Ferrari Yachts representative has said a new craft worth 50 million yuan (US$7.7 million) is set to dock in Xiamen next month.