First mainland Chinese vessel enters Hong Kong as yacht scheme launches

Hong Kong aims for share of HK$350 billion yacht industry as travel scheme launches

The first mainland Chinese vessel entered Hong Kong under the Southbound Yacht Travel Scheme as the city launched an effort to secure a share of the global yacht industry.

The launch included new measures announced by the transport minister to attract overseas captains, signalling a broader push to strengthen Hong Kong’s position in the sector.

A market projected to reach HK$350 billion

Speaking at the launch ceremony, Deputy Financial Secretary Michael Wong Wai-lun said the global yacht market was expected to reach HK$350 billion by 2032.

Wong said Hong Kong was capable of obtaining a slice of that market.

The global yacht industry is also expected to reach HK$350 billion (US$44.6 billion) in six years, according to the announcement on the scheme.

The market projection provides the economic context for Hong Kong’s attempt to attract more yacht-related activity and increase its share of the industry.

Scheme linked to wider policy plan

The Southbound Yacht Travel Scheme forms part of the government’s broader plan to develop Hong Kong’s yacht economy.

That plan was outlined in the city’s first five-year plan and its latest policy address.

Under the scheme, mainland Chinese vessels can register through the Marine Department’s Electronic Business System to sail in Hong Kong waters.

The entry of the first mainland Chinese vessel marks the scheme’s launch in practice, while the measures for overseas captains indicate that the government is also seeking to widen participation in Hong Kong’s yacht economy.

Source: South China Morning Post