How can Hong Kong maintain its status as Asia’s undisputed hub for superyachts?
Experts say the government is not doing enough to provide a boost to the superyacht industry
Hong Kong status as Asia’s hub for the superyacht industry is undeniable because of high demand from buyers and world class facilities that put it well ahead of Singapore and other Asian cities, but a lack of moorings and regulatory issues are holding it back, according to industry players.
“Hong Kong is the premium hub for Asia, but it’s still got a long way to go to catch up with the capability of the European and American hubs,” said Peter Mahony, general manager of Italian shipbuilding company Benetti, which set up its Asian headquarters in Hong Kong seven years ago. “Hong Kong can’t sit back and think we’ve done it and don’t have to worry – we need to keep pushing on and growing.”
Although demand for yachts remains high the city lacks enough berths and mooring spaces.
There are currently less than 5,000 moorings and dry berths in Hong Kong, but there are 9,456 licensed pleasure vessels in the territory.
Attempts by the industry to address the issue have not yet been successful. Government regulations on obtaining licences, and visiting yachts entering Hong Kong waters – made more strict after the devastating Lamma ferry tragedy in 2012 in which 39 people died – are also restricting the market.