In a time of financial crisis, prospective customers of luxury yachts no longer feel filthy rich. The solution if you’re luxury yachtmaker Ferretti? Let a Chinese company buy you. Not only is China minting brand-new millionaires daily, but the company that is taking control of its restructuring, Shandong Heavy Industry Group-Weichai Group, already makes marine engines.
The Chinese are paying 178 million euros for 75 perfect of Ferretti’s equity. Ferretti isn’t the first distressed brand to find solice in Chinese hands.
Let’s raise a glass to China for making sure that the world isn’t short on its luxury water taxis.
Source: Reuters
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