sail-world.com
 
 
News Home Video Gallery Photo Gallery

 

Sail-World.com : Hong Kong marina berths - full to bursting, and SO expensive

Hong Kong marina berths - full to bursting, and SO expensive

'full to bursting Marina Club - Royal Hong Kong Yacht Club, Causeway Bay, HK island, Hong Kong, China. photo by B.Henry'    .

If you think your marina berth is too expensive, spare a thought for yacht owners in Hong Kong. Berths are now so few and so expensive that yacht brokers are complaining that they are actually losing out on sales. Why is this happening? Read on...

A shortage of marina berths in Hong Kong is pushing slip prices to record levels. Local yacht brokers say that berth fees have doubled or even tripled in the last two to three years.

'What’s happening to the property market is happening to the boating market on a smaller scale,' Baggy Sartape, a broker with Asia Boating, told CNBC. Property prices in Hong Kong have increased by 50 per cent since 2009. Despite that, Sartape said the city’s eight marinas are running at near full capacity, largely because of an influx of yachts brought in by wealthy businessmen from mainland China.

A monthly slip fee for a 50ft motoryacht is equivalent to the rent of a studio apartment in downtown Hong Kong. While the rising prices have proven a boon to marina owners, local brokers say that the shortage of berths has hurt new and used boat sales.

About 6,700 recreational vessels are registered in Hong Kong, with about 1,500 on docks. The remaining boats are on moorings.

Mike Simpson, managing director of Simpson Marine, said that Hong Kong comprised 65 per cent of the brokerage firms’s Asia business before the financial crisis. But the shortage of slip spaces has depressed that share to 10 to 15 per cent. 'A reason given to me by a person high up in the government, who in fact owns a yacht, is that Hong Kong doesn’t want to be seen favoring the rich as it would not make a good headline,' Simpson told the news service.

'It’s been enormously frustrating turning down customers... some customers will never get a berth until a new marina is built,' Bart J. Kimman, managing director of Northrop and Johnson, told the news service.

The government says it has no plans to construct new marinas. The Hong Kong Marine Department does not see an issue with the exorbitant prices. 'The rental price of berths is justified by the demand,' Philip Wong, the department’s spokesperson, told CNBC. Wong added that typhoon shelters, small coves set up to protect boats from typhoons, provide a sufficient alternative to marinas in the city.

The brokers say, without a long-term plan to increase slip space, that Hong Kong is losing business to China and Singapore. Some said that Hong Kong is missing a 'golden opportunity' to become the Monaco of Asia.




by CNBC/Sail-World Cruising

  

Click on the FB Like link to post this story to your FB wall

http://www.sail-world.com/index.cfm?nid=83352

1:16 AM Wed 11 May 2011 GMT






Click here for printer friendly version
Click here to send us feedback or comments about this story.


Related News Stories:

12 Apr 2014  Gold Anchor accreditation for two Australian marinas
12 Apr 2014  Gold Anchor accreditation for two Australian marinas
11 Mar 2014  Chinese marinas awarded International Gold Anchor Status
18 Feb 2014  Gladstone Marina Awarded Gold Anchor Accreditation
03 Dec 2013  Honorary Marina Award to USA industry doyen
02 Dec 2013  Gladstone Marina Achieves Gold Anchor Accreditation
22 Nov 2013  International Clean Marina Accreditation for Middle Harbour Yacht Club
22 Oct 2013  Australian marina industry research breaks new ground
05 Sep 2013  Soldiers Point Marine Centre Accreditation: A First for Clean Marinas
05 Sep 2013  Marmong Point Marina awarded 'Fish Friendly' marina status
MORE STORIES ...

News - USA and the World



















HUD Vision: An interview with Afterguard Marine’s Alex Moret *Feature by David Schmidt, Sail-World USA Editor, Seattle














America's Cup: Expected de Ridder penalty should be reduced *Feature by Richard Gladwell/Sail-World.com/nz, Auckland, NZ
















Congressional Cup - Victory for Taylor Canfield and crew by Rich Roberts (As Amended by ISAF),




2014 Halifax – Saint-Pierre Ocean Race by Patricia Nelder, Nova Scotia














Image Gallery: Stratis SL33 flies on the Waitemata
Audi Melges 20- Sperry Topsider Charleston Race Week - Light final day
Clipper Round the World Yacht Race - PSP Logistics prepares for USA
ISAF Sailing World Cup Hyères - Crème of the crop to compete
Congressional Cup: Luna Rossa makes podium in first event
Int 14 World Championships 2015 launch new event website
International Optimist Regatta Clinic and Team Race - Register now!
Congressional Cup: World top rankers finish that way in Long Beach
Sperry Top-Sider Charleston Race Week Day 3 finale
America's Cup: Gino Morrelli outlines the new AC62 design
Doyle Sails New Zealand signs Andrew Brown as One Design Manager
America's Cup: Dean Barker's Blog - A sail with the Duke and Duchess *Feature
29er World Youth Sailing Week Easter regatta - Day 1 and 2 overall
C Thomas Clagett Jr Memorial Clinic/Regatta - Entries start to roll in
50th Congressional Cup: See the delayed coverage and media conferences
Clipper Race 10 Day 27: Closing stages - Qingdao to San Francisco
Canfield, Williams, Bruni, Swinton in Congressional Cup final four
Sperry Top-Sider Charleston Race Week - Day 2
Audi Melges 20 Charleston Race Week - Perfect conditions in Charleston
Oyster Regatta Antigua - Full on ocean conditions for day 3
PWA World Tour - A taste of things to come at La Torche + Video   
Women's International Match Racing Series kicks off in June   
Melges 32 Audi Tron Sailing Series - Action shots by Max Ranchi   
Clipper Round the World Yacht Race - Frustrating conditions   
Man rescued after falling overboard in Pacific taken to hospital   
Sperry Top-Sider Charleston Race Week 2014 - Youth leading Melges 20   
Congressional Cup - Canfield leads toward Congressional Cup sailoffs   
Sperry Top-Sider Charleston Race Week 2014 - Perfection for Day 1   
America's Cup: Coutts claims ISAF Jury on a crusade, backs Kiwi report *Feature   
Clipper Round the World Yacht Race - Will light winds hamper progress?   
Les Voiles de St. Barth - Preparing to rock Saint Barthélemy waters   
Clipper Round the World Race - OneDLL and Qingdao now in San Francisco   
America's Cup: Emirates Team NZ up against funding hurdle for year *Feature   
Melges 32 Sailing Series Napoli - Day 1 images by Stefano Gattini   
50th Congressional Cup: View the Live racing here   
Melges 32 Sailing Series - Napoli action shots by Max Ranchi   
Volvo Ocean Race - Team Alvimedica launch new boat   
Emirates Team NZ: Royals duke it out on the Waitemata   
2014 Charleston Race Week - Thousands of sailors descend on Charleston   
The Congressional Cup 2014 - Williams hangs on with a classy crowd   


For this week's complete news stories select    Last 7 Days
   Search All News
For last month's complete news stories select    Last 30 Days
   Archive News







Sail-World.com  


















Switch Default Region to:

Social Media

Asia

Australia

Canada

Europe

New Zealand

United Kingdom


http://www.sail-world.com/event_images/image/Twitter_logo_small.png http://www.sail-world.com/event_images/image/FaceBook-icon.png  http://www.sail-world.com/event_images/image/RSS-Icon.png

United States

Cruising Northern

Cruising Southern

MarineBusiness World

PowerBoat World

FishingBoating World

 

Contact

Commercial

News

Search

Contact Us

Advertisers Information

Submit news/events

Search Stories/Text

Feedback

Advertisers Directory

Newsletter Archive

Photo Gallery

 

Banner Advertising Details

Newsletter Subscribe

Video Gallery

Policies

 

 

 

Privacy Policy

 

 


Cookie Policy

 

 



This site and its contents are © Copyright TetraMedia and/or the original author, photographer etc. All Rights Reserved.  Photographs are copyright by law.  If you wish to use or buy a photograph contact the photographer directly.
X6XL NEW US