Chinese Billionaire Unveils Plan To Build Affordable Yachts
Richard Liu, founder of JD.com – China’s version of Amazon -- and a superyacht owner, has announced the launch of Sea Expandary, a new company that plans to build boats “that will be affordable for ordinary households,” according to multiple sources. The project involves a ¥5 billion (about US $700 million) investment in Guangdong province and includes R&D, manufacturing, sales, operations, leasing, brokerage, yacht clubs and after-sales services.
On the same day as the announcement, Sea Expandary signed cooperation agreements with the Zhuhai Municipal Government, Shenzhen Marine Development Bureau and Qianhai Authority to build local infrastructure to facilitate boating and tourism.
Guangdong province (formerly Canton) surrounds Hong Kong, Shenzhen and Guangzhou, three of the most wealthy areas in the world. Shenzhen is China’s “Silicon Valley” and the home of many tech companies. It is located on the Pearl River estuary, which is fed by several rivers, creating an area ripe for recreational boating.
Sea Expandary’s plans include a headquarters in Shenzhen and a manufacturing base in Zhuhai utilising AI and robotics technology. Aside from boats, the company revealed plans to develop marinas, making it a one-stop shop for boat buying and use.
A Recreational Revolution
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. While this does not sound like many units – over 12 million boats are registered in the U.S. – anyone familiar with the night-and-day difference in automobile ownership in China the last 25 years, can begin to understand the possibilities of Richard Liu’s new boating program.
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.
Liu, 52, stated that his goal with Sea Expandary is to make boats and boating affordable and accessible for ordinary consumers, comparing the sector’s potential growth to the expansion of the car industry in China.
From Small Shop to E-Commerce Giant
In 1998, Liu opened a physical electronics store under the name Jingdong. During the SARS outbreak in 2003, he pivoted entirely to online sales, launching JD.com in 2004. By 2005, he closed all physical locations to focus exclusively on e-commerce. His business quickly became known for its reliability, genuine products, and fast delivery—qualities that distinguished JD.com from many competitors.
Under Liu’s leadership, JD.com grew into one of China’s largest online retailers, with major investments from Tencent, Walmart, and Google.
As of 2025, Liu’s net worth is estimated at US $6 billion. He has regularly given back to his hometown, including a notable instance in which he donated around US $1,400 to every resident over 60 years old, along with winter coats and food supplies.