Asia Times Online :: Yacht-maker Ferretti finds new life in China

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Ferretti 881

Yacht-maker Ferretti new life China

By Stewart

HUA Thailand — be rich glorious, and doesn’t come better than your wealth the deck a luxury Yet the of Ferretti the world’s maker of floating palaces, China’s state-owned Heavy Industry Group, was not what Xiaoping had mind when voiced his famed maxim launch China’s transformation three ago.

Shandong China’s biggest of bulldozers other industrial is to a total 374 million (US$480 million) return for 75% stake the debt-laden yacht maker. Bank of Group Plc Strategic Value LLC will own 12.5%. deal, which

approval by regulators, is to be within six

Shandong Heavy other Chinese in buying fading Western name with aim of its fortunes securing its and manufacturing Most famously, bought up struggling personal division in eventually securing successful turnaround the unit’s More recently, Geely Holding bought Sweden’s Cars in

Ferretti, founded 1968, has struggling to afloat for after an expansion in 1990s that the purchase Bertram Yacht, famed Miami-based of sport-fishing and Italian Riva, noted its luxury yachts.

A share listing the Borsa helped to further purchases it went only for 2007-2008 global storm and lay-offs affecting spenders in banking and sectors to any remaining that the for top-end would pick

A pre-crisis buyout valued company at billion euros, a 2009 restructuring, led RBS, averted and saw then majority Candover Investments, up its The continuing debt crisis, Italy to fore, removed hopes of bailout closer home.

In spite the battering financial squalls, 43-year-old company still led co-founder and Norberto Ferretti.

Heavy’s gamble that China’s echelon of rich folk, are already out on items such private jets Rolls Royces, have cash spare for Ferretti, whose can cost much as million.

The has 146 billionaires, according Forbes last when China the biggest for Rolls The auto owned by BMW, said week it sold out a $1.2 Year of Dragon Phantom before China the turn its calendar this month. sold about cars there year, making the company’s market.

More 130 executive are registered China, the Street Journal last May the number expected to as the economy expands, it has long way go before the 15,000 the US.

Shandong Heavy well-placed for sales pitch it’s home of Qinqdao sailing events the 2008 Summer Olympic while Shandong which controls company, is to an 59 individuals assets over billion yuan million), according Hurun Report, tracks the of the in China.

Power, an unit of Heavy, may benefit from deal. Involvement boost is in building engines for yachts that help it beyond supplying

In 2009, Power bought Baudouin in to expand the international marine engine It has invested more 30 million in Baudouin. Hong Kong-listed jumped as as 4% the Ferretti was made and have 7% in past week.

Heavy chairman Xuguang said which sold 17 vessels China last may be in Hong within five of the although Ferretti retain its management as as its and production in Italy, to a

Ferretti 881

The purchase Ferretti is by overseas by state-owned in oil ports, or the possible of US company Yahoo China’s Alibaba, could involve $3 billion Even so, is in with Beijing’s to put growing foreign to good abroad, easing pressure on Chinese currency, yuan. The States in is urging that the appreciate to China’s imports reduce the of Chinese

China’s foreign stood at trillion at end of after declining $3.2 trillion the end September, the central bank on Friday. was the quarterly contraction the second of 1998, to Bloomberg.

Heavy’s announcement the Ferretti coincided with visit to this week US Treasury Timothy Geithner. US has back from China of a currency which would the way sanctions, but was expected discuss the issue while seeking help confronting Iran its nuclear Bloomberg reported.

The yuan Friday declined the seventh running as data indicated export growth, gaining 4.7% year.

While Heavy’s goals Ferretti appear China’s economic may slow below 8% year, reckoned the minimum to absorb to the A new is also to take in Beijing this year, possibly severe on China’s gap. The of Ferretti’s might then into different

About 60% rich Chinese intend to from China, to a by Hurun and the of China year. A study by Bain Company China Merchants of individuals hold more 10 million in investable found that 60% of interviewed had immigration applications other countries had plans do so.

A 27-meter 881, with 31-knot maximum and a of 355 miles could just the vehicle if political winds veering from wrong direction.

Stewart is Times Online editor.

(Copyright Asia Times (Holdings) Ltd. rights reserved. contact us sales, syndication republishing.)

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