Sailing into choppy waters

The yacht industry enters a more tempestuous time as the economy slows down, Xie Yu reports from Sanya in Hainan province

Wealthy people in China are developing a passion for sailing, but the weakening macroeconomy combined with the effects of the frugality and anti-corruption drive are creating a headwind that is preventing the industry from progressing fast.

A total of 800 million yuan ($129 million) of order contracts were signed during last week's China Rendezvous, an exhibition focused on a high-end yacht promotion held in Sanya, in southern China's island province of Hainan.