Dacheng Attorneys Advise Sundiro Holding on Yacht Project

Last year, a Dacheng team led by senior partner Shu Ziping was commissioned by Sundiro Holding Co., Ltd. to advise it on offshore funding and joint venture formation in relation to a project with Sanlonrenzo S.P.A., a world-famous yacht maker based in Italy. The team also included attorneys Li Li, Wang Yanxiang, Su Ning and Cai Nuo.
 
According to the arrangements of the deal, Sundiro would inject 20mln euros to Sanlonrenzo and then the two would form a joint-venture yacht manufacturing company in China that would produce motor-driven yachts below 66 feet in size that were to be designed by Sanlonrenzo and improved or upgraded in accord with Chinese consumers’ needs, as well as ones independently developed by the joint venture. What’s more, the two would set up an agency in Italy to sell products they would have made.
 
Sanlonrenzo, the world’s third largest yacht maker, was established in 1958 with a history of 56 years in yacht making. It owns three factories in Italy. As a leading brand in made-to-order yachts, it has built a good reputation in the industry and a world-wide distribution network for its products.
 
Dacheng attorneys were mainly responsible for such preparatory work as drafting and revising legal documents and negotiating with the partner and its attorneys. Despite heavy workload, the attorneys completed their task wonderfully with a strong sense of responsibility, contributing to the successful conclusion and execution of the transaction.
 
Recently, Sandiro Sanlonrenzo Yacht Maunfacturing Co., Ltd., the newly formed joint venture, was officially launched in Hainan. Sandiro thus becomes the first Chinese enterprise to introduce a world’s luxury yacht brand into China and launch a joint-venture yacht maker here.
 
Research from China Communications and Transportations Association shows yachts will have a large market in China, given that its per capita GDP has reached $6000, a mark that China has evolved into a medium-income economy. Currently, 16 provinces and cities are planning or have launched superaqueous landscape projects related to yachting.
 
The industry is also strongly supported by the government. In December 2009, in the Opinion of the State Council on Accelerating the Development of the Tourism Industry, for the first time, the central government brought up the issue of fostering new tourism consumption hotspots, supporting new tourism items such as cruise ship travelling and yachting, and encouraging the growth of cruise ship and yacht manufacturing industry. Yacht has been counted as an important vehicle for water tourism in the 12th five-year plan of the National Tourism Administration. It is also an industry encouraged and endorsed by the National Development and Reform Commission.