Wenzhou tycoon Huang Weijian has been a hot online topic on the mainland this month after spending more than 400 million yuan (HK$490 million) to buy and refurbish a luxury cruise ship formerly owned by casino magnate Stanley Ho Hung-sun.
Huang, 40, who has renamed the former Asia Star as the China Star, said the cost was worth it.
'I and my partners will also raise two billion yuan to buy another four to five cruise ships soon,' he said. 'That means we will have the first cruise fleet on the mainland, able to carry thousands of passengers.'
Huang said he would seal deals for two other luxury cruise ships soon, one twice the size of the China Star. He said the China Star deal was a good example of the way Wenzhou entrepreneurs can expand their options amid the global economic downturn. 'It also helps rebuild the reputation of Wenzhou's rich,' he said.
In 2010, Wenzhou's city government said the city's private capital amounted to 600 billion yuan and would increase by 14 per cent a year. Mainland media say the actual figure now stands at between 800 billion and one trillion yuan.
Wenzhou people are known for their business acumen but have sometimes been criticised for being speculators and driving up prices.