China's newly rich are not content with living the millionaire lifestyle. Now they want to own it too.

This week's announcement that Italy's Ferretti Yachts will soon be under Chinese ownership is the latest example. China's state-owned Shandong Heavy Industry Group Co. said it will buy a 75% stake in the yachtmaker in a deal worth EUR374 million.

China's elites are rabid consumers of the good life and luxury fashion labels have been cashing in. In addition to watches and handbags, China's rich are spending on leisure pursuits too. High-end hotel chains in Asia in particular report a rapid increase in the number of Chinese tourists -- as much as a twenty-fold surge at one resort in the Maldives since 2008.

China's state-owned businesses have spotted the trend. For instance, China's HNA Group is expected to beat out competition from LVMH among others to acquire high-end boutique hotel chain, Aman Resorts, in a deal worth as much as $450 million.

The new owners of Ferretti might have some problems selling more yachts at home, however--while there may be plenty of Chinese millionaires that make for potential buyers, the growth of yachting in China so far has been limited by a shortage of marinas.

Duncan Mavin

• luxury [´lʌkʃəri] n.奢侈(品)；享受 (初中英语单词)
• addition [ə´diʃən] n.加；加法；附加物 (初中英语单词)
• resort [ri´zɔ:t] vi.求助；乞灵；诉诸 (初中英语单词)
• instance [´instəns] n.例子，实例，例证 (初中英语单词)
• competition [,kɔmpi´tiʃən] n.比赛；竞争 (初中英语单词)
• acquire [ə´kwaiə] vt.求得，获得，学得 (初中英语单词)
• millionaire [,miljə´neə] n.百万富翁 (高中英语单词)
• announcement [ə´naunsmənt] n.通告；宣布；言谈 (高中英语单词)
• leisure [´leʒə] n.空闲；悠闲；安定 (高中英语单词)
• potential [pə´tenʃəl] n.&a.潜在的；可能的 (高中英语单词)
• limited [´limitid] a.有限(制)的 (高中英语单词)
• ownership [´əunəʃip] n.所有权；所有制 (英语四级单词)
• shortage [´ʃɔ:tidʒ] n.不足(量)；缺少 (英语四级单词)