September 27, 2020

Hong Kong’s Luxury Boating Market

Hong Kong is currently without a doubt one of the best examples of prosperity, wealth and affluence in Asian countries. The city used to be a group of fishing villages before the British occupation. In 1842, after the British won the Opium war, Hong Kong was handed over in order to Britain as its colony and shortly became a famous shipping interface.

Hong Kong’s first boat golf club is believed to be started by a number of oarsmen in 1849 and had been named Hong Kong boat Club. In 1894 the Royal Hong Kong yacht club was started. The private yacht club was built mainly with regard to British army officers and expatriates who recognized sailing as enjoyment activity.

The first typhoon shelter within HK was built in 1883 following a typhoon in 1874 devastated HK and Macau, causing 2, 500 injuries and 5, 000 deaths. The shipping vessels and fishing boats for sale that were moored on the waters had been completely destroyed by this typhoon, causing the government to build these pet shelters to protect all the vessels and maintain the particular city’s reputation as a safe shipping port. In later years more shelters were built all around the city creating room for mooring commercial and private vessels.

During the World War II, Hong Kong has been taken over by Japanese in 1941when they bombed key places round the city and defeated the Uk army. The Japanese surrendered and still left in 1945, giving it back to the particular British.

In the 1950s and 1960s, lots of people from China went to HK with their money to escape the civil unrest in China. They set up factories and businesses that turned the town into a manufacturing hub for products such as textiles, plastic products and electronics.

Hong Kong’s boating industry was also growing. In 1967, another boat club was founded in an area known as Aberdeen which is in the southern area of the city.

Despite the rise of facilities, the city was still known as probably the most corrupt in the world until 1972, when the Independent Anti-Corruption agency was set up to put the country back on the right track. Due to its impressive justice system, low fees and efficient government, HK drawn foreign investors, traders and talented professionals. The city soon became economic hub. Today, its stock market is usually Asia’s second largest, and the sixth largest in the world. HK is currently referred to as freest economy in the world, with an superior infrastructure. Many developers in other Asian countries look up to HK and try to copy their beautiful sky scrapers.

Hong Kong is also a key city for sailing in Asia.
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It is not the largest boating market in Asia like The japanese, but has around 12, 500 leisure boats registered in its own waters. Hong Kong is a small city with a total area of 1, 104 square km and a population of 7. 2 million people. The main reason Hong Kong is referred to as Asia’s boating capital, is because the city is very globalized little, in the sense that boating-related services plus expertise are easily accessible. Most of the people within Hong Kong speak English. Maintenance shipyards and professional laborers such as team, captains, surveyors, mechanics, and consultants are readily available in Hong Kong.

There is a huge population of wealthy people within Hong Kong. As a result there are also a lot of high-end, expensive yachts on the water. Within Hong Kong, things are very well organized, and it is possible to get things done incredibly fast, even when government departments are participating. There is also no tolerance for data corruption in Hong Kong. It is one of the most dependable places for boaters in the world, and people adhere to the rule of law. There are around 250 islands in the waters surrounding Hong Kong, which makes it a fantastic place for boating. But you should know for the success of Hong Kong’s boating industry, is the fact that it’s a tax haven that imposes no tax on pleasure boats.

Thousands of full-time boat crew and captains have employment with the Hong Kong boating industry. Only the yearly salaries of the boat team amount to around 200 Million USD. In addition businesses around boating also supply employment, such as shipyards, private yacht distributors, machinery and electronics, charters, brokers, handymen etc . This helps it be a huge industry that creates significant employment.

During the Asian financial crisis within 1997, the boating industry of Hong Kong underwent an unusual boom. Before the crisis, the industry was already doing well along with the financial markets. There was a lot of importance and an attitude that the market had reached a new level. The overall consensus was that the industry would be unsinkable. Investments in almost all sectors feasible were done on borrowed money, people made quick money and thought of themselves as invincible. Several were self-professed kings and princes of the stock market, living in utmost high-class, and many ordinary folks with properly paid jobs, saw the wealth and got carried away into using unnecessary risks. As a result a large number of individuals were investing borrowed money.

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