Guangzhou has taken another step forward in the development of its free trade zone. The city's first waterfront bonded warehouse was recently based at the Nansha Yacht Club within the free trade zone. Industry observers say that transactions of yachts and sails which have not paid taxes or obtained licenses can be carried out in the warehouse before taxes are paid, thus freeing up half of the capital.
The warehouse will house yachts and sails imported through transit trade, those that have not completed customs formalities, and those that are imported by foreign investors, those that are imported as bonded warehouse goods, and those that have obtained customs approval but have not completed customs formalities. The warehouse has a floor area of 2,800 square meters and can accommodate 16 yachts of up to 100 inches. The warehouse commenced operations on March 1.