A Shanghai financier surnamed Qin ordered a 25 million yuan Sundiro yacht during the Sanya exhibition.

"I like yachting. It frees me from work pressure. I go yachting occasionally every year, off Australia, the Maldives or Mauritius. It is more convenient if I own my yacht in China," Qin said.

Massimo Perotti, president of Italian yacht brand Sanlorenzo, said: "I have confidence in the China market. In terms of its maturity and infrastructure, Sanya maybe scores 50 (out of 100) but, in terms of potential, it is 100."

Sanlorenzo was rated the second-largest yacht builder in 2014 based on its global order book, according to US magazine Showboat International. The company made a major step forward in exploring the Chinese market last year by setting up a joint venture with China's motorcycle manufacturer Sundiro Holding Co Ltd. It aims to build yachts from 36 feet to 66 feet (about 10 to 20 meters) in Hainan.

"I have developed many new markets in the past, including Mexico, Brazil and Japan. All the new markets start because having a boat is a status symbol. People are buying the big yacht to show their power and wealth," Perotti said.

There is also another possible drive, found for example in Italy, where yachting is regarded as a sports and lifestyle pastime enjoyed by not only the rich but also the mass public, he added.

So far in China, the high cost means only the wealthy can enjoy it.

Enjoying life on the ocean wave

Setting sail into uncharted waters

Visun Royal Yacht Club charges 168,000 yuan to 25.8 million yuan in membership fees, which provide members with a yacht berth, chartering, training and a buying service.

Perotti said he is still optimistic about the outlook for sales. His company aims to sell 500 million euros ($600 million) worth of boats in China in the next 10 years.

"Maybe it will still take a little time for the market to boom, but not long. And you have to be here before it seriously takes off," he said.

GDP grew in Sanya by 10 percent to 37.3 billion yuan year-on-year in 2013, faster than the national average. Investment in the real estate sector surged by 27 percent, hitting 30 billion yuan. Local officials said housing vacancy rates would exceed 70 percent during the off-peak season for tourism, so the city needs another growth engine.

Xia Shenge, director of a local economic development zone, said it will take time to see how much yachting will benefit Sanya's economy.

"Currently, growth is mainly driven by the construction of yacht marinas. But we need a whole industrial chain, including yacht manufacturing, maintenance, insurance and training to support the economy sustainably," he said.

As for the future of the boating industry, most local people could not care less.

"You have all sorts of means to profit from the sea if you live by it. Also, Sanya is the most famous beach holiday destination in China. Any small business is enough to feed the family," said 47-year-old Su Mingdong, owner of a small car-leasing company.

"The only problem is housing prices. They have risen too much. I support the government developing the yacht business," he added.