While yachting is often perceived as an activity for the privileged few, Lawrence Chow entered the world of sailing by spending about HK$16,000 (US$2,063) to buy a boat with two friends about 10 years ago.
“It is a small boat but very affordable, splitting between three people, and we can enjoy the water,” said Chow, who is now the chairman of the Hong Kong Boating Industry Association (HKBIA), which represents all sectors of the leisure marine sector and aims to make boating more accessible to the public.
Leisure-boat ownership in Hong Kong is growing faster than in other Asian markets, fuelled by younger consumers’ tendency to splurge on experiences and the recovery of travel after the Covid-19 pandemic.
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The government has set out policies to support the city in attracting yacht sales and oceangoing travellers, which could make the city a centre for the industry’s further growth, according to experts.
The global leisure yacht market, valued at US$39 billion last year, was projected to reach US$43 billion by 2032, with a compound annual growth rate of 5 per cent, said Arthur Tay, CEO of marina developer and operator SUTL Enterprise. At the firm’s yachting festival in Singapore last week, he said this growth indicated strong global interest in leisure boating, luxury experiences and marina tourism.
The number of licensed pleasure vessels in Hong Kong more than doubled to 12,325 in 2024 from 2007, according to the Marine Department. The total far surpasses other Asian markets, including Singapore with about 4,000 pleasure crafts, mainland China with 6,000 and Japan with 7,113, based on separate industry estimates.
However, berths are limited in many markets, including for superyachts – big boats exceeding about 24 metres in length. Hong Kong has about 4,000 berths or moorings, while Singapore has around 880.
In his 2024 policy address, Chief Executive John Lee Ka-chiu introduced initiatives to boost yacht tourism, aiming to alleviate the berth shortage and attract international yachts for travel, business and events. The government is considering locations for additional berths, including Aberdeen on the southern part of Hong Kong Island, the former Lamma Quarry area, a waterfront site near Hung Hom Station, and the airport.
The most ambitious project is a yacht bay proposed by Airport Authority Hong Kong (AAHK) near the airport in Chep Lok Kok, which would be the city’s largest marina, featuring 500 berths for boats of various sizes.
“We haven’t had any development in the infrastructure in Hong Kong for almost 20 years,” said HKBIA’s Chow. “If there’s this development, there’ll be more interest in the industry again.”
AAHK in January unveiled a blueprint for a development called Skytopia near the airport, including the yacht bay, a marine resort and luxury hotel, a water recreation area, a fresh food market, an art-storage facility and an indoor performance venue.
“Airport City is in a unique location, combining sea, land and air,” said Cissy Chan Ching-sze, commercial executive director of AAHK. The project aims to attract people from Hong Kong, the Greater Bay Area, the rest of Asia and around the world with facilities catering to private-jet owners and art lovers – groups that often overlap with yacht owners, she added. The airport is also expanding its private-jet terminal to double its capacity by early next year, Chan said.
AAHK aims to seek funds from the private sector to develop the marina. It planned to invite expressions of interest next year followed by a tender process, according to Chan, who attended the yachting event in Singapore to promote the Skytopia project overseas for the first time.
“For the marina development, we see very solid interest from the mainland, Indonesia, Singapore and the Middle East,” Chan said. “When working with partners, we seek their expertise and market insights to ensure our offerings meet evolving customer needs.”
“We are very excited to hear about the Skytopia project as it is likely to attract more yachts to pass through Asia,” said Jonathan Sit, regional general manager of SUTL Enterprise’s marina division. “It will also activate the Greater Bay Area and allow many superyacht makers to expand business to the China market.”
Hong Kong would attract wealthy mainland people to purchase and berth yachts because it has fewer taxes than the mainland, which has an import tax of around 38 per cent on motor yachts, said Ronnie Wang, managing partner of consultancy Yachting Encounters and deputy secretary general at Sanya Cruises and Yachts Association.
“Prime berths in Hong Kong are scarce,” Wang said. “With a long-term development strategy and favourable government policies, Skytopia may attract mainland shipowners and is expected to enhance services in surrounding cities upon completion.”
The tariff war between the world’s two largest economies had not affected travel trends, said AAHK’s Chan.
“People are now very much after unique, enjoyable luxury travel experiences,” she said. “That will remain true no matter how the market [gets impacted] on tariffs. The key is how we provide the best possible experience to our customers so that they enjoy the travel and Hong Kong.”
Marco Valle, CEO of Azimut Benetti Group, an Italian yacht builder, said Hong Kong was a highly strategic market and a key gateway to the entire Asian region.
“With initiatives such as Skytopia, [Hong Kong] has the opportunity to strengthen its infrastructure and consolidate its long-standing role as an international hub for yachting, further enhancing its appeal to both regional and global yachting communities,” Valle said.
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