Chinese billionaire plans four new marinas
Published: Thursday, 02 May 2013
Wang Dafu, 47, is the billionaire chairman and property developer of the Visun Group which built the Visun Royal Yacht Hotel, yacht club and marina in 2005. His company has so far invested some US$130 million in this venture in the coastal town of Sanya on the tropical island of Hainan on China's southern coast some 400 miles southwest of Hong Kong. It has 216 berths and boasts 700 members.Wang hopes to open another four yacht clubs within the next eight years. The first of these will be a 400-berth marina that is expected to open in Shenzhen by the end of this year, Bloomberg quoted Wang as saying. Clubs in Shanghai and Fujian will reportedly follow.
Wang is worth an estimated net-worth of $1.2 billion according to the Bloomberg Billionaires Index, gathering his fortune by building apartment complexes and hotel resorts in Hainan and Guangdong province. Housing demand has waned as China tries to reign in skyrocketing home prices, so Wang has turned his attention to yacht clubs as bets on China's new wealthy elite embracing Western yachting culture. Several Asia property developers have used marinas connecting to property development as a way to sell luxury homes at a higher premium.
"I'm very bullish on yachts and I have big dreams," Wang said in the interview. "I spend about 80 percent of my effort on yachts but only make about 20 percent of my money from this. However, in the future I expect this ratio to reverse."