News Home Video Gallery Newsletters Photo Gallery Cruising Int

 

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:

01 Jul 2014  SA Marina Day encourages South Australians to enjoy their marinas
12 Jun 2014  Two marina accreditations for Jumeirah Beach Hotel Marina, Dubai
03 Jun 2014  GMI Announces International Marina Scholarship Winners
27 May 2014  Queensland marina tour attracts global participants
27 May 2014  GMI to Have Strong Presence at World Marina Conference
13 May 2014  Released today: Health of the Australian Marina Industry Survey Report
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
MORE STORIES ...

Cruising USA









Our new Cruising Editor editor remembers his first offshore adventure by David Schmidt, Sail-World Cruising Editor, Seattle, WA




World ARC 2014 reaches Australia by World Cruising Club,


Venezuelan Port Control lift recent port restrictions. by Caribbean Safety and Security Net,


Seismic survey ship operating north of Aruba and Curacao by Caribbean Safety and Security Net,


Predictwind helps you pick the best time to depart by Richard Gladwell Sail-World.com/nz,


















4.8 million Legos all at sea by Adam Clark Estes,






Dredging activity near corals can increase frequency of diseases by ARC Centre of Excellence Coral Reef Studies,




Understanding the Ocean's role in Greenland Glacier melt by Woods Hole Oceanographic Institution (WHOI),




Three Defensive Docking Strategies for Sailors by Captain John Jamieson, Florida


Revealing report on Search for American yacht Nina released *Feature by Rob Kothe and the Sail-World team,














Baby Nemos finding their way home
High Latitude Sailing - Book of the Week
Will the Olympics make a difference to Rio pollution? *Feature
Blue Planet Odyssey, around world rally, begins
Africa Europe Cruising Challenge now open for entries
The real ‘Supermoon’ story
Warm and noisy welcome for Oceans of Hope in La Rochelle
Sailor rescued after Facebook call for rescue
Solo sailing star's passion = busy environmental schedule
El Niño (Part 2). Effects on the Pacific Ocean
Northern Scotland: Voyage to Orkney and Shetland Isles (Part 1)
Northern Scotland: Voyage to Orkney and Shetland Isles, photos
The Galley Guys' favourite shrimp recipe
Vestas Sailrocket 3 - Over the Horizon
BoatUS speaks out about 'Ethanol-at-all-cost Agenda'
Tidal current installations will increase boating hazards
Eco-Sailboat of the future - Catherine Chabaud at work
Calling yachts in the South Pacific - rally to New Zealand
The final touch - which wax should I use on my boat?
ARC Baltic sets sail to discover Europe's 'east sea'
Another boom death. Australian sailor dies, hit by swinging boom   
Galley Guru vital to the life of the cruising sailor   
'Boat Handling in Marinas' by Rob Gibson - and how to get it reliably   
Heart-stopping moment as whale capsizes Zodiac   
If we stop killing parrotfish we can bring back Caribbean coral reefs   
Climate change could stop fish finding their friends   
Vanuatu ups their welcome to cruising sailors with new approach   
Criminal charges mooted for owners of sunk HMS Bounty   
Red faces after authorities inadvertently aid boat thief to get away   
Mobiles drive traffic - 72% increase in Sail-World.com page view *Feature   
Sail Estonia: a VERY new idea   
Tie This 'Lifesaving' Bowline in Seconds - the easy way!   
A Beer Bummel on the Thames River   
Online weather routing - possible? Predict Wind says yes   
Why Boats Sink: Ten best tips on prevention   
The North West Passage calls: Who will answer this year?   
Polish adventure sailor in second try at North West Passage   
Whale research - new techniques expand for non-lethal methods   
Jessica Watson, solo sailing star, four years on...   
Americas solo non-stop circumnavigator crosses Pacific for research   


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  

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.
XLXL NEW Cru USA
LocalAds   DE  ES  FR  IT