JD.com’s founder Richard Liu launches yacht brand
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JD.com founder Richard Liu has launched a new yacht brand, Sea Expandary, with a focus on creating affordable, 100% green yachts. Liu is investing 5 billion yuan (approximately S$919.3 million) to compete globally but will not be involved in daily operations. The brand plans to establish a manufacturing base in Zhuhai and headquarters in Shenzhen, and has signed agreements with local governments. China's yacht fleet has nearly doubled in three years, reflecting the growth of the urban middle class and high net-worth individuals.
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