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Ferretti Reports Early Success In Chinese Yacht Market

by Mary Swire, Tax-News.com, Hong Kong

29 November 2012


Ferretti Yachts, which announced a substantial push into the Chinese market in September, has received the Chinese Yachting Industry Award for its Ferretti 570 model, recognized as the Best Motor Yacht in its category below 60 feet in length.

The Chinese Yachting Industry Award is considered one of the most prestigious awards in the boating industry, decided on by a highly-qualified jury.

The Ferretti 570 features all the boatyard's traditional features, including an innovative under-deck layout, with contemporary decor, and a focus on maximizing internal space and enhancing interior brightness. Meanwhile, the hull's outer lines are slender and sporty thanks to the sky-lounge without roll bar and the presence of the aft spoiler.

Speedo Marine, the local dealer for the Ferretti Group, was also recognized as the best dealer in the Chinese market.

Shandong Heavy Industry Group, one of the largest equipment manufacturing groups in China, and also the largest producer of bulldozers, acquired a 75% stake in the Ferretti Group earlier this year, setting in motion a promotional drive to establish the company as the dominant force in the Chinese yacht market. The company is to establish a manufacturing base in Qingdao, Shandong province, in the south east of the nation, to support its expansion in the region.

With an ever-expanding middle and upper class, China's yacht market is expected to be worth some RMB50bn (USD7.9bn) by 2020.

TAGS: marine

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