A boat in every dock? Chinese billionaire unveils plan for mass yacht production

Richard Liu, founder of China’s retail giant JD.com, has launched a nautical brand to build out the country’s yacht industry, riding a wave of policy support to tap a fast-growing domestic market and make the vessels – traditionally associated with affluence and luxury – accessible to “everyday consumers”.

Liu’s brand, Sea Expandary, signed a strategic framework agreement on Tuesday with the coastal cities of Shenzhen and Zhuhai in Guangdong, China’s southern powerhouse province, for a high-end yacht industrial base with planned investment of about 5 billion yuan (US$723 million), according to social media posts by the city governments.

The venture would cover research and development, manufacturing, sales and after-sales services, including the base in Zhuhai and a headquarters in the provincial tech hub of Shenzhen.

Liu said the venture was a personal investment, and the brand would be managed by its own CEO while he continues to focus on JD.com, the country’s largest retailer.

“I hope we can one day build yachts priced at 100,000 yuan (US$14,502), so they can enter households like cars do,” Liu told reporters at the signing event. “Yachts should be affordable for ordinary salaried workers and everyday consumers.”

The retail tycoon’s move comes as China’s emergent yacht market gathers speed, fuelled by rising wealth and fresh policy tailwinds.

Newly registered vessels have accounted for more than half of the country’s total fleet over the past three years, with 9,850 yachts registered by the end of 2025, a transport ministry official said earlier this month. The official added that growth was expected to continue through the next five years.

South China Morning Post