How COVID changed Hong Kong’s luxury yacht market

Boats are back in business in Hong Kong, with the first post-pandemic International Boat Show opening at Marina Cove in Sai Kung, a long-established home for sailors from near and far. The boat show brings together more than 30 luxury yachts from manufacturers all over the world. They are putting their best boats on display, testing the waters of the Asian market after the COVID-19 pandemic. Price tags range from HK$ 1 million (US$ 128,205) up to HK$ 80 million (US$ 10,256,410). Adam Waters, General Manager of Princess Yachts Greater China, has been in the boating business in Hong Kong for ten years and has witnessed how COVID brought changes to the industry—positive ones he says. “For boating, fortunately, COVID brought around a positive change in boating. When I was using boats, selling boats 10 years ago, people were only using them for day boats, […] or just for a short cruise with corporate guests. But when everyone in Hong Kong was, I guess, stuck here in Hong Kong, they started to use their boats in a different way,” he says. “All of a sudden, people were taking longer trips [...]. They were staying overnight, staying for long weekends. [...] And when people start to use their boats by staying overnight, then they start to want to change their boats more and experience more what boating can offer.” Lawrence Chow, Chairman of the Hong Kong Boating Industry Association, says there is a definite trend towards “greener boats.” “We have a lot of people that are upgrading their boats to bigger boats with more technology on them that are more sustainable.” Traditionally boating is associated with status and the wealthy, but Chow claims it is now becoming more affordable and attracting younger buyers. “I think there's always a misconception that boating is very expensive. But it's actually not that because oftentimes you can share a boat with a couple of friends together or you can buy a smaller boat, which is the trend right now. Compared to property prices, just like cars, the prices of boats have actually more or less, only increased very slightly. So, it's actually becoming more affordable.”  This article was provided by The Associated Press.