Shipbuilder Afai High Performance Ships has received orders to build three K50 catamarans from Incat Australia, another shipbuilder, at a cost of more than $500 million.
The vessels will be built at Afai's joint-venture shipyard in China with Hong Kong-based Southern Shipping & Enterprise Co.
The Panyu yard, on 50,000 square metres of land, employs about 120 workers and their numbers will be increased to meet the new orders.
Afai's marketing manager, Anthony Szeto, said: 'We have said for ages that our products can match, if not better, the products from Australia and Norway.
'It took someone from a competing country to recognise that.' Incat, which has its own shipyard in Tasmania, Australia, has placed the orders with Afai because production of such vessels in Australia is not economical.
The Australian Government, which has been paying a bounty or subsidy of about 5 per cent for each vessel built by local shipbuilders, is to remove the subsidy from July 1, 1997.