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China's growing enthusiasm for yachting has seen a leading manufacturer navigate its way into the market.
Princess Yachts International Plc, of the United Kingdom, signed an agreement with Shenzhen-based SCAS Investment Co Ltd on Wednesday. Under the agreement, SCAS becomes the sole distributor for the company in China, according to Friday's China Daily.
"SCAS will mainly invest in the infrastructure construction for yachts and provide service to its customers," Chen Wenpei, chairman of SCAS, was quoted as saying. The company, a leading automobile agent for Ford, has set up a wholly-owned subsidiary to run the new business.
"Shenzhen has its unique advantages. It has a vast non-frozen sea, growing market demand and mature consumers," said Chen, "with yachts, local residents can easily enjoy a two-day trip to Hainan,a tropical island province."
Shenzhen is not the first city in China to see a rise in the popularity of yachting. Zhuhai, Xiamen, Guangzhou and Shanghai have also set up clubs. And Zhuhai, Xiamen and Shanghai have already built yacht ports to meet the special demand.
Generally, an ordinary yacht costs more than 200,000 yuan (US$25,000) while luxury ones can be as high as 10 million yuan (US$1.25 million). It is estimated that thecost for maintaining a yacht is about that of three cars.
(China Daily March 3, 2006)
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