The luxury sector is set to post double-digit growth this year to 191 billion euros driven by the appetite of Chinese consumers for top-quality goods, according to a study by Bain & Company released on Monday.

While “the global economic situation is difficult” the luxury sector “is in good health and is growing above all in Asian markets,” said Santo Versace, head of the Italian fashion house and the Altagamma Foundation of Italian luxury companies.

The growth forecast was revised up to 10 percent from 8 percent, but still falls short of the 13-percent growth the sector recorded last year.

Hyatt brand Andaz has officially opened the Andaz Shanghai, a 28-storey landmark which adds yet another top-end property to the city’s booming luxury hotel market.

The Andaz Shanghai’s 307 rooms opened to the public for the first time October 18, marking the first entry of the Andaz brand into Asia.

With rooms that offer views of the historical Xintiandi district, the hotel is decorated with mixed media artwork designed to evoke the old and new sides of the area, using items such as LED lighting, sensors, video projections and recycled materials.

Simpson Marine, Asia’s largest yacht brokerage company, has opened a flagship office at the Serenity Coast Marina in Sanya, Hainan.

“Simpson Marine is ready to serve the Chinese market, and specifically its southern part, which is transforming itself into the yachting hub of China.”

On top of the existing 8 marinas in operation, over 12 new marina projects have been identified on the southern coast of China and Hainan. The idea of a Chinese Riviera stretching from Xiamen to Sanya has never been so relevant.

One of China’s tallest buildings has opened for business in the nation’s ‘wealthiest village’ of Huaxi, a symbol of the country’s breakneck economic growth.

The Longxi International Hotel is 328 metres (1,082-feet) high and cost $470 million to build, an official in Huaxi told AFP.

There are around 10 taller buildings in China — including the Shanghai World Financial Center, the third highest in the world — but all of these are in major cities.

The new Horizon RP110 superyacht Lady Gaga, which is the first motor yacht above 100 feet built for the Chinese market, was launched by Horizon Yachts.

The Lady Gaga motor yacht by Horizon has just successfully completed her sea trial, with delivery to her owner in China set for later this month.

Horizon created a unique exterior design for yacht Lady Gaga, one that is a radical departure from previous launches of RP series and includes both a vertical window line and wide body to allow for increased interior space.

Jimmy Choo founder Tamara Mellon hopes to open up to 50 stores in China over the next five years in what she dubbed an “exciting” market for high-end goods.

China is the world’s fastest-growing market for luxury products and an ongoing economic boom is creating new billionaires every year in a huge explosion in wealth.

Jimmy Choo currently has just two shops in China — one in Beijing and another in Shanghai. A third will open at the end of the year in the eastern city of Nanjing.