Up to seventy percent of the four thousand registered yachts in China are presently moribund with many yacht clubs losing their money, the senior industry members of China stated in an interview with the media earlier on Sunday.

Kuang Xiangrong, Royal Hong Kong Yacht Club members with thirty five years of yachting experience, said that yacht industry in China is in an unhealthy state. Several firms are clustering to high-end business yachts, few clubs have equivocal orientations, as well as avenues for profit making are especially narrow, Kuang said, adding that the lack of government policy support and infrastructure means that yachting in country remains in a primitive state.

Around four thousand yachts are filed in the mainland, with most grounded in Shenzhen as well as south China’s Hainan Province, as per China Association of the National Shipbuilding Industry.

In a report revealed by the China Business News this week, around seventy percent of these yachts have not been utilized for a very long time as well as a majority of the clubs are controlling in the red. The clubs in China run in either 1 of 2 models, namely from investments by real estate programmers to boost real property values as well as self-owned clubs as business businesses, said the report, after getting the news from an employee.