Sales of yachts in China are under pressure, WSJ wealth editor Wei Gu notes at the Hainan Rendez-Vous, caused by China´s anti-corruption drive at the China Real Time of the WSJ. It did not help that last year sex-and-drugs stories emerged from the 2013 fair.
The number of exhibitors this year at Hainan Rendez-Vous dropped to 72, down from 90 exhibitors last year, when exhibitors included a wider range of top luxury brands including Aston Martin, Chopard and IWC Schaffhausen.
Set against the backdrop of the southern Chinese island’s palm trees and sand, Hainan Rendez-Vous, now in its fifth year, suffered a reputational hit in China after pictures of sex and drug parties flooded the Internet in 2013.
Such challenges for the trade show have been exacerbated by President Xi Jinping’s austerity drive among China’s elite officials. Since the anti-corruption push was launched, taking out a government official out for a day on a private yacht has become less socially accepted, reducing the value of such vessels in China.
More at the Wall Street Journal.
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