Mansion Global

For Chinese Yacht Buyers, Good Taste Matters

The newly wealthy in mainland China look for a ‘floating restaurant’ when buying a yacht

Save

Yachts moored at the Gold Coast Yacht & Country Club in Hong Kong.

cozyta / Getty Images
Yachts moored at the Gold Coast Yacht & Country Club in Hong Kong.
cozyta / Getty Images

From stir-fry woks to fish steamers and karaoke rooms, luxury yacht builders are adding quirky new features to adapt to the taste of Chinese buyers and their passion for dining. "People use it as a floating restaurant really," Gordon Hui, Asia chairman of British luxury yacht manufacturer Sunseeker, told Mansion Global. Besides karaoke rooms and tables for mahjong—a type of tile-based game sometimes known as the Chinese dominoes— below-deck kitchens are also popular. More: The Yachting World’s New Horizons "They want to get the kitchen out of the way… the Western people like to cook, in Asia, it’s all the staff doing the cooking," Hui said, adding that other in-demand features are roof terraces and strong air-conditioning as Chinese customers generally shun the sun. According to Hui, Chinese yacht owners generally use their vessels for entertaining.

The saloon of Sunseeker's model 131 Yacht.

Sunseeker Asia Ltd

"Most people are corporate people turning up at the marina in suits and shoes, they are not wearing swimming shorts or T-shirts. It is very company-orientated, they bring their (personal assistants), it is exactly like going to the restaurants," Hui added. Tiffany Lau from U.K.-based luxury yacht builder Princess Yachts echoed the sentiment. "Good food and wine are something important. Therefore we customize the galley with special Chinese woks and fish steamers (as well as) a round-shaped dining table,” said Lau, the sales and marketing director for China. “Chinese cooking provides thousands of recipes, it helps to create more fun and enjoyment during the boat trip."

The kitchen (or galley) of Princess Yacht's Princess 88 Motor Yacht model.

Princess Yachts International

Lau said the company is studying the popularity of Chinese interior designs, such as those inspired by the Silk Road, to tap the Chinese market. Although the number of mainland Chinese billionaires reached 596 this year, overtaking the U.S. for the first time, according to the Hurun Rich List 2015, the luxury yacht market has been facing headwinds in China. Yachting has not been fully embraced as a pastime among Chinese. It is mainly seen as a form of corporate entertainment in China, unlike in the West where most view yachting as a hobby or for family leisure. Most Chinese owners take their boats out just for day trips, rather than travel along the coast for longer periods.

The saloon of Princess Yacht's Princess 88 Motor Yacht model

Princess Yachts International

Yachts are also subjected to an import luxury tax of 43% in China. Chinese President Xi Jinping’s ongoing crackdown on corruption further fueled the sluggish sentiment, as the ultra-rich are avoiding conspicuous spending on items such as luxury watches, high-end cars and superyachts. Hui, of Sunseeker, who sold two yachts last year in mainland China compared with an annual average of five, described the current market mood as "very dead."

VIDEO: What's Trending in the World of Superyachts? "People are not buying boats but they are buying houses because (houses) don’t raise suspicion." "If you buy a big house with a swimming pool, tennis court, they are not going to look at you. But if you buy a 150-foot (yacht), everybody looks at you because that boat is considered a very excessive piece of luxury," he said. But as China’s population continues to grow, Lau, of Princess Yachts, thinks yachting could emerge one day as a favorite mode of transport for the super-rich seeking to "avoid traffic jams."