BY APB Staff on 11 Jun 2020

Ferretti Group to explore sales and service infrastructure within new FTZ

On June 11, Ferretti Group Asia Pacific announced the signing of a strategic Memorandum of Understanding (MOU) with the Sanya Central Business District (SCBD) administration bureau, in support of the continued development of the marine industry in the region.

The MOU will allow further discussion on Ferretti Group investing and setting up a branch in the SCBD project, to cooperate with Sanya on various aspects including yacht sales and service facilities, and continued support in the development of the industry for years to come, the announcement says.

Ferretti Group Asia Pacific Signs Mou With Sanya Government 1

The news follows recent announcements by China’s State Council that the island province of Hainan is to become a significant free trade zone. Among the news measures are the complete elimination of taxes on imported yachts, plus commitments to enhance yacht ownership and to encourage yachts to visit Hainan. 

The agreement between Ferretti Group Asia Pacific and SCBD was signed during the ceremony of Hainan Free Trade Port Projects Construction and Signing on April 13. The SCBD is one of the 12 pilot projects for the construction of the Hainan Free Trade Pilot Zone and the Free Trade Ports, as well as one of 25 key industrial parks in Hainan. 

Ferretti Group Asia Pacific Signs Mou With Sanya Government 2

For years, Sanya has been promoted as a yachting hub in China. During the 2010s, several marinas were built and yachting events were plentiful. More recently, yacht ownership has stagnated, though industry insiders have said that the new Free Trade Zone plan should kickstart yacht ownership once more in the southern city.

There are 365 yachts registered in Hainan and 1,800 berths total in Hainan at this moment, according to Frank Lin, vice-chairman of the Hainan Yachting and Cruise Association.

In its announcement, Ferretti Group Asia Pacific notes that the ultimate goal is to create a zone of free navigation between Hainan and Hong Kong/Macau. Key officials from Sanya led by the secretary of municipal Party committee Mr Tong Daochi attended and witnessed the signing ceremony. The Hainan government aims for the Hainan FTZ to open in 2020, but it has a longer-term view for its development that goes to 2035 and beyond.