October 1, 2020

Hong Kong’s Luxury Boating Market

Hk 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 soon became a famous shipping interface.

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

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

During the World War II, Hong Kong has been taken over by Japanese in 1941when they bombed key places across the city and defeated the Uk army. The Japanese surrendered and remaining 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.
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Hong Kong’s boating industry was also growing. In 1967, another motorboat club was founded in an area called Aberdeen which is in the southern portion of the city.

Despite the rise of infrastructure, the city was still known as probably the most corrupt in the world until 1972, once the Independent Anti-Corruption agency was setup to put the country back on the right track. Because of its impressive justice system, low fees and efficient government, HK fascinated foreign investors, traders and gifted professionals. The city soon became economic hub. Today, its stock market is definitely Asia’s second largest, and the sixth largest in the world. HK is currently known as the freest economy in the world, with an superior infrastructure. Many developers in other Parts of asia look up to HK and try to duplicate their beautiful sky scrapers.

Hong Kong is also a key city for boating in Asia. It is not the largest sailing 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 reason Hong Kong is referred to as Asia’s boating capital, is because the city is very globalized and compact, in the sense that boating-related services plus expertise are easily accessible. Most of the people in Hong Kong speak English. Maintenance shipyards and professional laborers such as crew, 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 sophisticated, expensive yachts on the water. In Hong Kong, things are very well organized, and it’s really possible to get things done extremely fast, even when government departments are involved. There is also no tolerance for data corruption in Hong Kong. It is one of the safest places for boaters in the world, and individuals adhere to the rule of legislation. 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 taxes 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 crew amount to around 200 Million UNITED STATES DOLLAR. In addition businesses around boating also supply employment, such as shipyards, yacht distributors, machinery and electronics, charters, brokers, handymen etc . This causes it to be a huge industry that creates substantial employment.

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

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