Tide yet to turn for Chinese yachting
August 22nd, 2010
Dong Yongquan has been under intense pressure ever since the Beijing Olympic Games ended in 2008. As the president of Qingdao International Yacht Club, he is running the 15.5-hectare harbor built for Olympic yachting events – and is supposed to turn a profit.
“The harbor is eating up 50,000 yuan (about $7,350) every day in maintenance costs and if I don’t attract enough members, I can lose millions every year,” Dong said.
Only about 300 yachts – powerboats and sailboats – are a …