Chinese companies are taking advantage of hard times in Europe by moving into Italy’s superyacht sector, buying well known brands that have fallen into bankruptcy.
The latest acquisition, brought at auction on Monday through administrators appointed by a Milan court, is Cantieri Navali di Lavagna (CNL), sold for €13.1m to ProMarine Service, an Italian company owned by China’s Nautic Star Marine.
Chinese companies are on “a heavy buying spree”, targeting historic Italian brands that have fallen victim to the 2008-09 recession, says Angelo Colombo, a writer for Nautica and SuperYacht magazines.
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