Cross-border scheme could boost Hong Kong’s yacht economy dreams

The policy would allow vessels from Macau and Hong Kong to easily sail to western waters off the Greater Bay Area. The zone envisioned as an economic and business hub including Hong Kong and 10 nearby cities is where the government of China’s Guangdong province has reportedly identified about six designated ports and several routes for leisure yachting tours. Progress on the scheme has been made more than a decade after the idea was first floated. In the policy address last October, Chief Executive John Lee Ka-chiu identified such access as a way to develop a yacht economy.

Applicants would initially be limited to Hong Kong and Macau residents with mainland travel permits. However, Lee Shu-kam at Hong Kong Shue Yan University’s economics and finance department said a controlled pilot scheme could set the stage for easing regulations for international participants, a powerful draw for wealthy individuals who may establish family offices in the city. It could also drive demand for services including legal, financial, marine insurance and yacht maintenance.

The potential is huge. The global yachting market is projected to reach US$45 billion by 2032, according to Airport Authority Hong Kong. The authority’s Skytopia marina project would ease pressure in a city where 12,500 licensed yachts compete for only 4,300 berths. Transforming the tourism landscape would require integrating initiatives into a wider range of attractions that complement Hong Kong’s maturing calendar of mega-events, cultural festivals and culinary experiences.

As the authorities build the city’s yacht economy, development must stay grounded on local needs. It will be essential that a cosmopolitan, connected harbour appealing to well-heeled visitors also remain a vibrant space for the city’s people.