Founder of China's JD.com launches yacht brand

BEIJING, Feb 25 (Reuters) - ‌The founder ​of ​Chinese e-commerce giant JD.com, Richard Liu, has launched an independent yacht brand, Sea Expandary, ‌aiming to build "100% green" yachts that will be affordable ⁠for ordinary households.

Liu is investing 5 billion yuan ($690 million) in ‌the business, he said ‌at a signing ceremony on Tuesday, adding that the amount was needed to compete with top yacht ​makers globally.

But he does not plan to take part in the company's day-to-day operations and said ⁠that the bulk of his time would remain focused on JD.com.

Sea ​Expandary aims to cover research and development, manufacturing as well as sales and other services.

It ​expects to invest in a ‌manufacturing base in Zhuhai and establish its headquarters in Shenzhen, where it also ⁠plans to participate in the construction and operation of multiple marinas.

The brand signed strategic cooperation agreements with the Shenzhen and ⁠Zhuhai governments this week.

The country's yacht fleet has grown from ​around 4,500 to nearly 10,000 over the past three years, data from China's transport ministry shows.

Rapid economic growth over the ‌recent decades in China has created a much larger urban middle class and a ‌fast-growing cohort of high net-worth individuals, encouraging the ⁠development of new markets ‌for premium leisure ​goods and experiences.

($1 = 7.24 Chinese yuan)

(Reporting by Sophie Yu and Brenda Goh; Editing by Edwina ‌Gibbs)

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