A new yacht club will open sometime in Shanghai this month although its first voyage, courtesy of a Pershing 50 cruiser, started yesterday.

The owners of the luxurious yacht club plan to develop an exclusive membership of top business executives.

The Pershing 50 has room for 12 people and was purchased from Italy-based Ferretti Group.

The investors refused to disclose the price, but it is estimated to be worth more than 10 million yuan (US$1.23 million).

The yacht will berth along the Bund near Fuxing Road.

According to the club, the yacht is suitable for long distance cruises and can reach a maximum speed of 85 kilometers per hour.

To establish a club for business elites to socialize, the Dynamic Crystal Yacht Club plans to import another 3 yachts this year and 10 next year.

The club will rent the yachts it owns, as well as provide berths for members who own a cruiser, provide maintenance facilities and pilot training.

The club is co-invested by Shanghai Bahrfuss Yacht Sales Co Ltd and Shanghai Huachen-Longdefeng Group, a real estate developer.

(Shanghai Daily October 10, 2005)