According to Shanghai Morning Post, millionaires from prosperous southeastern China are striving to buy private yachts. Local governments also provide opportunities for them to show off their fortunes.

A extravagant yacht is displayed at China International Boat Show 2005 in Shanghai on April 11. [newsphoto]

Chen Xinhua, CPC Secretary of Chun'an County, Zhejiang Province, boasted that the country authorities would build two extravagant yacht clubs in Qiandao Lake (Lake of Thousand Islands) before 2010, which could own at least 80 extravagant yachts.

He said this during the "2006 Qiandao Lake Yacht Fair" concluded on Oct. 29. Around 45 exhibitors from 9 countries participated in this fair. Chen revealed that it was one of the largest international yacht fairs held in China. He believed such activity could further boost local tourism industry.

There is no reason why Chen is unconfident. Three luxury yachts priced at 20 million yuan (US$2.5 million) altogether, were sold during the fair. An Italian-made yacht named "Ferrari" is probably the most extravagant one in China, which was sold at 17 million yuan ($2.1 million). Buyers of the yachts were rich merchants from Jiangsu and Zhejiang provinces.

Currently Qiandao Lake management owns 25 extravagant yachts and 144 motorboats. The local government believes only 700-800 yachts can have access to the lake lest environmental disasters will be incurred. Ling Zhifeng, one organizer of the yacht fair, promised that all the yachts they sold have reached related environmental standards.

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