Hong Kong, 21 October 2026: “Believe me, my young friend, there is nothing – absolutely nothing – half so much worth doing as simply messing about in boats.” So says Ratty to Mole as they row up the river in Kenneth Grahame’s classic children’s novel The Wind in the Willows. The book may have been published in 1908 but, for some, the joy of idling away hours on the water remains timeless.
Our government agrees. It is eyeing a share of the global yacht industry, which is expected to reach US$44 billion in six years, and is smoothing the waters to make it happen. A scheme to welcome leisure vessels from mainland China has just been launched, together with fresh measures to attract overseas captains and draw superyachts to our city.
Five luxury yachts from our northern neighbour have just berthed in Hong Kong, taking advantage of an initiative that allows them to register online with the Marine Department and use five designated anchorage areas with room for some 115 vessels. About 270 mainland captains have completed the required tests to navigate local waters. These are major steps forward for cross-boundary yacht travel in the Greater Bay Area – the economic superhub comprising Hong Kong, Macau and nine cities in Guandong Province – and come after Hong Kong yachts made their first voyage under northbound arrangements last June.
There are some 6,000 superyachts in the world exceeding 30 metres in length and around 90 are based in Hong Kong, notes deputy finance minister Michael Wong, who attended the launch ceremony to welcome the first mainland arrivals. He predicts more will take advantage of the new protocols. “Whether northbound or southbound, the core of these schemes is mutually beneficial. Our vision for the yacht economy reflects the global trend,” he enthuses.
A burgeoning yacht industry could inject HK$4.5 billion into our economy each year, believes the Business and Professionals Alliance for Hong Kong. Adjacent sectors such as hospitality, luxury retail and wellness would – ahem – ride the waves of success. Our leaders are listening. Efforts to improve immigration procedures, streamline documentation, upgrade mooring facilities and curate niche tourism itineraries are ongoing.
As part of this, authorities are planning four new yacht clubs, complete with plush clubhouses, to be dotted around our city’s extensive coastline, providing another 1,100 berths. Who will fill these? Luxury boats from the mainland and beyond, it seems. Owners from Chinese coastal cities Shenzhen, Xiamen, Sanya and Haikou have already sought help arranging voyages here. And our leaders are banking on them staying several days at a time, checking into hotels – as if their boats are not comfortable enough – and spending in our fancy malls. Transport minister Mable Chan is anticipating “a new model of high-end tourism consumption”.
For others, though, the allure is less about luxury shopping or fine dining and more desire for our city’s natural beauty. Leaving aside the familiar high-rises and heaving streets, we have some 1,180km of stunning coastline and 263 islands, the vast majority uninhabited. Thus there are literally hundreds of secluded coves and beaches that can only be reached by water. Hence the need, some argue, to promote hiking trails, water sports and island visits.
Deep pockets but no sea legs? Do not despair, landlubbers, road-going vehicles are also on Hong Kong’s radar. As The Wind the Willows aficionados know, motoring – “the only way to travel” – is the downfall of Toad, whose high-speed mishaps bring him financial ruin and jail. Our government is trusting citizens to be more responsible, promoting supercars – plus yachts, jewellery, timepieces, properties and even private jets – at its inaugural Festival of Connoisseurs next month. The high-end exhibition will be staged mainly at AsiaWorld-Expo plus various other locations in a “city-as-your-showroom” format. It was formally previewed at the recent Monaco Yacht Show, no less, where Hong Kong trade official Shirley Yung promised an event “meticulously curated to create an unparalleled experiential journey for visitors”.
Amid such glitz, we should remember the many less fortunate in our city. Swimming great Alex Fong certainly does. The Olympian-turned-singer is aiming to raise HK$10 million for disadvantaged children next month by swimming 35km from Hong Kong to Macau, braving unpredictable weather, jellyfish and maybe the occasional superyacht. Sport, he reasons, gives underprivileged youngsters “confidence and a platform to prove themselves”. The Hong Kong to Macau ferry takes 55 minutes; Alex expects his feat of endurance to consume nine hours. Clearly, messing about in boats holds no interest for this intrepid hero.
What about the choppy waters of the legal profession? Lawyer Mark Prevezer has navigated them with aplomb for his whole career in senior roles at City of London and leading international law firms. He joins me for a fascinating chat on Law & More. Please listen.
To close, an update on Hong Kong’s famous inability to produce enough babies. We are told our city has sustained a record net loss of 40 kindergartens this year amid a shrinking student population. It is a reflection of just 32,500 new-borns in 2022, with the latest figures even worse, dipping below 30,000 over a 12-month period for the first time. The median age of women having their first child is also up, to 33.1. The trend is pinned on the cost of living – especially property prices – and young couples’ lifestyle choices.
Yes, my friends, in sharp contrast to the booming yachting sector, it seems our population is short of births.
Until next time, everybody!
Colin Cohen
Senior Partner
Boase Cohen & Collins
