Hong Kong’s Luxury Boating Market

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

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

The first typhoon shelter within HK was built in 1883 following a typhoon in 1874 devastated HK and Macau, causing 2, 1000 injuries and 5, 000 fatalities. The shipping vessels and fishing boats that were moored on the waters had been completely destroyed by this typhoon, causing the government to build these shelters to protect all the vessels and maintain the city’s reputation as a safe delivery port. In later years more shelters were built all around the city creating area 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 left in 1945, giving it back to the particular British.

In the 1950s and 1960s, many people from China went to HK with their money to escape the civil unrest in China. They set up industrial facilities and businesses that turned the town into a manufacturing hub for items such as textiles, plastic products and electronic devices.

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

Despite the rise of facilities, the city was still known as one of the most corrupt in the world until 1972, once the Independent Anti-Corruption agency was set up to put the country back on the right track. Because of its impressive justice system, low taxes and efficient government, HK drawn foreign investors, traders and skilled professionals. The city soon became a financial hub. Today, its stock market is usually Asia’s second largest, and the 6th 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 copy their beautiful sky scrapers.

Hong Kong is also a key city for sailing in Asia. It is not the largest sailing market in Asia like Japan, but has around 12, 000 leisure boats registered in its personal waters. Hong Kong is a small city with a total area of 1, 104 square km and a population associated with 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 in Hong Kong speak English. Maintenance shipyards and professional laborers such as team, captains, surveyors, mechanics, and experts are readily available in Hong Kong.

There is a large population of wealthy people in 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 incredibly fast, even when government departments are participating. There is also no tolerance for problem in Hong Kong. It is one of the most dependable places for boaters in the world, and individuals adhere to the rule of law. There are around 250 islands within the waters surrounding Hong Kong, which makes it an exciting place for boating. But one of the main reasons for the success of Hong Kong’s boating industry, is the fact that it’s a taxes haven that imposes no taxes on pleasure boats.

Thousands of full-time boat crew and captains are employed by 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 can make it a huge industry that creates substantial employment.

During the Asian financial crisis within 1997, the boating industry associated with Hong Kong underwent an unusual boom.
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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 achievable 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 high-class, and many ordinary folks with nicely paid jobs, saw the affluence and got carried away into using unnecessary risks. As a result a large number of individuals were investing borrowed money.

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