Singapore's Keppel Group To Set Up Yacht Club In Zhongshan

Singapore's Keppel Group is planning to build a yacht club in Modao Island, Shenwan town, Zhongshan, Guangdong province.

The club, which is planned to be one of the largest in China, will have more than 615 yacht berths and a star-rated hotel.

Despite the global financial crisis, China's yacht industry has been developing rapidly. China's coastal cities are now investment hotspots for the world's leading shipbuilding groups, and this has encouraged the development of the yachting industry.

Certain reports estimate that China's yachting industry will enter a rapid development period in three to five years. It is slated to become another "golden industry" in China, following in the footsteps of the country's automobile industry.

Currently China has about 40 yacht clubs, most of which operate a membership system. Typically members will pay an entrance fee of around CNY200,000 and will then pay recurring fees for berths and maintenance for their yachts.

Keppel Group — which focuses on the offshore and marine, property and infrastructure businesses — is under direct holding of Temasek Holdings, Singapore's government-owned investment company.