Hainan yacht industry buoyed by policy vision(2)

Free trade benefits

The establishment of the Hainan Free Trade Port has emerged as a catalyst to propel Sanya's yacht tourism. In 2021, Hainan introduced a zero-tariff policy on vehicle and yacht imports, exempting registered enterprises in the province's transportation and tourism sectors from import duties on vehicles, aircraft, ships, and yachts.

In July 2022, the government in Hainan issued regulations aimed at accelerating the growth of the yacht industry in the free trade port. These regulations enable overseas residents working in Hainan and holding a residence permit to apply for yacht registration in Hainan, bolstering efforts to boost yacht sales.

On Feb 5, 2024, the Sanya Central Business District Special Fund Incentive Measures for Cruise And Yacht Industry Development was announced.

The fund provides incentives and support for the development of the yacht industry in five aspects: operational rewards; operational space subsidies; scientific and technological innovation support; fixed asset investment incentives; and incentives for the sale of new energy yachts.

"Following the introduction of regulations and policies, the yacht-leasing sector has entered a period of rapid growth," said Liu Yangliu, general manager of Hainan Visun Yacht Industry Development (Investment) Group.

Wakesurfing, a favorite water activity among younger people, is also gaining greater attention.

Chen Xiaoyu, executive director of Sanya Serenity Marina, said there has been an influx of wakesurfing clubs in the area in recent years, with over 50 wave-making boats mooring at the marina.

The development of the yacht industry has also dovetailed with sectors such as wedding photography, catering, event hosting and provision of accommodation, which have also enjoyed notable success.