Tide yet to turn for Chinese yachting

Dong Yongquan has been under intense pressure ever since the Beijing Olympic Games ended in 2008. As the president of Qingdao International Yacht Club, he is running the 15.5-hectare harbor built for Olympic yachting events - and is supposed to turn a profit.

"The harbor is eating up 50,000 yuan (about $7,350) every day in maintenance costs and if I don't attract enough members, I can lose millions every year," Dong said.

Only about 300 yachts - powerboats and sailboats - are anchored in the 700-berth harbor. "The day I start earning money is when all 700 berths are in use," Dong said.

"To achieve this may take another five years, given the condition of the yacht business in China."

Dong has a problem other maritime clubs in China face: not enough rich people going into leisure yachting, although money is not an issue.

Yachting magazine editor Wu Chenguang said for most of the new rich, "cars and villas are still their first choice and it is difficult to change this mindset overnight".

"If the yachting industry in Europe is generally into Mercedes-Benzes, we are still in the level of Chery QQ," said Wu. Chery QQ refers to a low-cost car made by a Chinese carmaker.

The history of leisure boating in Western countries indicates that when per capita income is about $3,000, the industry starts to develop. When this figure reaches $6,000, it starts to boom.


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