Powerboat-World.com
 
 
News Home Video Gallery Newsletters FishingBoating Features Photo Gallery Sail-World Australia Australian Cruising
Sail-World Australia Australian Cruising MarineBusiness-World

 

Sail-World.com : World's largest yacht builder now in Chinese hands

World's largest yacht builder now in Chinese hands

'The Weichai Group and Ferretti agreement was signed off last week'    Ferretti S.p.A    Click Here to view large photo

It’s certainly symbolic of the shift in power, and testament to the foresight and might of China, that the Ferrari of the yachting world, Ferretti Group (under which there are eight brands: Ferretti, Pershing, Riva, Itama, Bertram, Mochi Craft, CRN and Custom Line) will soon be under the control of the state-owned parent of China’s biggest bulldozer-maker, putting the Communist nation in control of the world’s largest luxury yacht builder.

Creditors will sell 75 percent of Ferretti for 178 million euros ($228 million) to Shandong Heavy Industry Group -Weichai Group. Royal Bank of Scotland Group Plc and Strategic Value Partners LLC will also own 12.5 percent stakes in the Forli, Italy-based manufacturer.

State-controlled Shandong Heavy plans to add superyachts to its construction and farming products after surging economic growth boosted China’s number of millionaire households 31 percent in 2010. The deal may help Ferretti expand in the world’s most-populous nation after a slump in sales after the 2008 financial crisis left the company close to bankrupt.


Alessandro & Norberto Ferretti -  www.ferretti-yachts.com  


The deal, which requires approval from Italian regulators, will take three to six months to complete, Tan Xuguang, Shandong Heavy’s chairman, told reporters today. Shandong province, which controls the company, contains the city of Qingdao, a major naval base and host of the 2008 Olympic sailing regatta.

While there is still not the demand for ultra-high end yachts in China, estimates assert there are around 400 billionaires in China. The country only had about 100 Chinese-owned yachts longer than 60 feet as of May, according to the Hurun Report of wealthy Chinese, whereas there are more than 7,000 yachts that size in the US according to 2006 figures.

The Ferretti Group chairman, Norberto Ferretti, said the deal would help his company tap the global yacht market, estimated at €7 billion, or US$9 billion, 'and meet growing Chinese demand for luxury goods for the coming 5 to 10 years'.

Ferretti’s management team, headquarters and production bases will remain in Italy, both companies confirmed. Shandong Heavy said it planned to build yachts in China for the domestic market.

'China offers an opportunity to our companies, especially when our economy is not going well,' said Anton Francesco Albertoni, head of the Italian marine industry association, Ucina.

More at www.ferrettigroup.com




by Jeni Bone

  

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

http://www.powerboat-world.com/index.cfm?nid=92771

7:20 AM Wed 11 Jan 2012 GMT






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


Power Boat News

Abbot Point onshore disposal by Great Barrier Reef Marine Park Authority,










Great Barrier Reef plan released for comment by Queensland Minister for Environment,










Brisbane Boat Show begins *Feature by Jeni Bone,














































Gosport Grand Prix of the Sea finale to decide P1 champions
Camper & Nicholsons Yachts presents the Sagitta 42
GT15 and GT30 European Championships - Jelf takes to the podium twice
Marine Rescue crew saves cruiser in trouble in rough conditions
XCAT Series gets set to conquer another continent in 2015
Dangerous conditions for boaters on most of NSW coast
2014 Mandurah Boat Show - Third largest boat show in Australia
2014 Gold Coast International Marine Expo - Eye on the big picture
Mediterranean Grand Prix - Powerboat racing heavyweights head to Ibiza
Mediterranean Grand Prix - World Aquabike stars all set
Antarctic sea-level rising faster than global rate
Powerboat champions gear up for Honda RYA Youth RIB National final
Andrew Scott joins Superior as General Manager *Feature
2014 Gold Coast International Marine Expo - Fastest Jet Ski ever built
Best Birthday Party ever at Southport Yacht Club! *Feature
‘Hall of Fame’ status for Empire Marina *Feature
Girl power all set for Nottingham powerboat racing action
Cowes to Torquay Race 2014 - Intense activity in preparation
Fort Lauderdale International Boat Show - 13 things to See and do
Australian Offshore Superboat Champ - 15 Superboats in Coffs Harbour
European première for Belize 54 Daybridge at Cannes Yachting Festival   
‘Fish Friendly’ accreditation for Sanctuary Cove Marina   
Plethora of Powerboat racing action this weekend   
Vicsail Boat show Open Day at Rushcutters Bay   
Marine15 - prospectus available online now + VIDEO *Feature   
Southport Yacht Club achieves Clean Marina certification + VIDEO *Feature   
Port Kembla Volunteers bring in 75 metre monster from 5nm offshore   
Gold Coast Int'l Marine Expo - Make every moment one to remember   
Dangerous conditions for boaters from Queensland border to Sydney   
4x4 Outdoors Show and Fishing and Boating Expo - Busy opening day   
Summerland 40 LR named Boat of the Year   
More new boats brand Brisbane Boat Show as a spectacular showcase   
Xiamen Int'l Boat Show 2014 moving to a new home   
Yamaha inspires students to succeed   
NSW EPA supports Marina Industry Environmental Accreditation   
Powerful Yanmar 12AY Diesel Series revealed   
Buy a slice of Solar Sailor history *Feature   
Swan celebrates sales success *Feature   
4x4 Outdoors Show and Fishing and Boating Expo on the horizon   
Polar research: Six priorities for Antarctic science   


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/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.
XLXL NEW PBW
LocalAds   DE  ES  FR  IT