A yacht crisis has hit Hong Kong: marinas are packed to capacity - there is a waiting list of at least two years for a berth at any of the territory's eight marinas; and costs are shooting through the exosphere.
The berthing cost for a 60-foot yacht - once club entry fees, fixed monthly costs and berth costs have been added together - can reach over HK$15,000 per month. The grey market fees for swing buoys (essentially, the right to tie up your boat to a rubber float in the middle of the harbour) are trading at many multiples of the official rate.
Cry us a river, you might think. Rich people don't have space to tie up their expensive boats. How sad.
But there are implications for those without memberships at a local yacht club. The city is seeing the beginnings of a dynamic mini industry in yachting services, thanks in part to strong mainland demand. But as usual, when it sees keen interest in its services from across the border, Hong Kong ambles on ambivalently, with locals complaining about shortages and the government failing to free up the land and resources that would let the city profit from a booming new business. (See Sidebar)
Hong Kong boat brokers and boat builders are complaining that they cannot sell any new boats because prospective owners have no berths in which to park them. Overwhelming demand is meeting virtually no supply, and people are frustrated that the government will not provide more marina space.
'It's a great business that is being ruined by a lack of government support,' says Garry Smith, owner of Saffron Marina, which sells second-hand boats and moorings.
'Everyone is losing money - the shipyards, the brokers,' says Edward Coebergh, the managing director of Boats and Yachts, a boat broker. 'It's a complete disaster. The brokers hope that China will open its doors, otherwise business will fade away, because the government is not doing anything.'