Business     

Joint ownership, leasing make a splash

Shanghai Daily, April 12, 2013

• Luxury boat makers hope to make a splash by riding a rising wave among Chinese toward joint ownership and leasing of yachts, exhibitors attending the 18th China (Shanghai) International Boat Show said Thursday.

  Zhou Juan, managing director of Shanghai Double Happiness Yacht Co, said it's a rising trend for the Chinese to buy a yacht together as joint ownership reduces cost and increases the use of the vessel.

  Instead of paying several million of yuan to buy a boat, the company allows each co-owner to pay as low as 300,000 yuan (US$48,376) to use the boat for 10 years, she said. Two boats have been sold to joint owners this year, she added.

  Other companies tap the trend by leasing boats for weddings, birthdays and other recreational purposes.

  "We became profitable as boating gets more popular among residents," said Li Qing, president of BAFS Yachting, one of the clubs operating along the Huangpu River. "Boat weddings have been fully booked until the second half of next year."

  The boat show organizers expect a 30 percent rise in turnover and visitors at this year's event, which lasts until Sunday.

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