Hong Kong’s boating association says the event could be held in late 2021 or early 2022
| 11 June 2021
Hong Kong Boating Industry Association Chairman Lawrence Chow says that the association is looking at hosting a boat show for Hong Kong in late 2021 or early 2022.
There are few details yet, but if the show were to happen, it would be a breakthrough event for the Hong Kong yachting sector. In 2020, an attempt was made to establish a show in 2020 by the Hong Kong Cruise and Yacht Industry Association and Verventia, organiser of the successful Singapore Yacht Show and the Thailand Yacht Show. On its website, Verventia says it expects to host the Hong Kong Yacht Show in October 2021.
Hong Kong is Asia’s biggest market for imported yachts, with Chinese buyers often purchasing yachts in Hong Kong. Brokerage yachts are often sold from Hong Kong to other markets in Southeast Asia. Hong Kong has a long history of yachting and yacht ownership, with great cruising grounds in its home waters and no import taxes on yachts.
Data gathered by the Observatory of Economic Complexity showed that in 2019, Hong Kong’s share of imports of yachts and recreational boats was the largest in the Asia-Pacific region by value (excluding Australia and New Zealand), amounting to 19.4% of the total, larger than Japan (13.5%), Singapore (7.6%) and Thailand (4.3%).
In 2020, Hong Kong yacht dealers reported a significant rise in sales after a slowdown in spring, due to the onset of Covid-19. In 2020, the value of all yacht and recreational boats imported to Hong Kong rose 26% to HK$2.267 billion, or US$292 million. It was the best year for Hong Kong in terms of the value of pleasure boat imports over the past eight years.
Hong Kong’s boat shows have been stifled by a lack of venue space, despite the market demand. The prospective Hong Kong Yacht Show by Verventia is to be held at the Kwun Tong Typhoon shelter, next to the Kai Tak Cruise Terminal. This was the site of the Ocean Race (Volvo Ocean Race) stopover in in early 2018.
The Hong Kong Boating Industry Association is a trade association that represents all sectors of the leisure marine sector in Hong Kong, including shipyards, dealers, surveyors and suppliers.