Shanghai intends to launch a yacht center project along a section of the Huangpu River located at the North Bund in Hongkou district to develop the yacht industry.

The project will include a yacht R&D center, a yacht club and a sailing school, Zhang Xiping, deputy director of the district government, said on Sunday.

Enjoying life on the ocean wave

Setting sail into uncharted waters

The district set up a bonded warehouse in September as a key effort to support the project.

Hongkou has a 230-meter-long riverside section along the Huangpu River, which could provide mooring for more than 100 yachts.

"A yacht trading center will be also set up in the district," Zhang told a meeting on the new trend of yacht consumption held in Shanghai on Sunday.

Attending the meeting, which was co-sponsored by the China Yacht Club Coordination Alliance and the Shanghai Double Happiness Yacht Co Ltd, were more than 180 experts, scholars, entrepreneurs and government officials, who discussed a new concept of yacht ownership.

They spoke highly of a timeshare model to co-purchase yachts and share their use.

"This is because those who are inclined to purchase yachts are worried about their capability to afford and maintain a yacht with their independent financial strength," said Zheng Weihang, chairman of the alliance.

Many Chinese consumers don't know how to sail, manage or maintain yachts, although they are eager to enjoy them in their leisure time, Zheng said.

"Therefore, the consumption model of co-purchasing a yacht and sharing it is a good solution," he said.