Economic Benefits of GBA Yacht Travel Top $4.5 Billion: Analyst

Free yacht travel between Hong Kong, Macao, and the cities of the Greater Bay Area is expected to contribute over HK$4.5 billion to the region’s economy, according to an industry insider.

With Hong Kong boasting the largest pleasure boat fleet in Asia, the new scheme’s economic benefits for mainland-based marinas and shipyards are clear. But in an interview with local government-linked newspaper Wen Wei Po (文匯報), Jubilee International Tour Centre (銀禧國際旅遊有限公司) Marketing Director Tiffany Lee (李詠姿) emphasised the ways that Hong Kong also stands to benefit.

According to Lee, mainland residents will be enticed to purchase yachts in Hong Kong due to the city’s tax-free environment, straightforward yacht-ownership regulations, and world-class marinas. Purchasing a luxury yacht in mainland China involves high taxes of up to 42%, depending on the vessel type, as well as stringent regulations and limited cruising access, which defeats the purpose for many would-be yacht owners. Lee estimates that free yacht movement across the Greater Bay Area could bring billions in economic activity.

The implementation of the regional free-sailing policy will revitalise not only yacht sales but the entire industrial chain of yacht manufacturing, marina operations, and tourism throughout the Greater Bay Area, added Hong Kong Yachting Association Chairman Tommy Ho Wai-lok (何偉樂).